2020 Finance Bill: Minimum Wage Earners to be Exempted from Paying Tax
BUHARI
Minimum wage earners are to be exempted from paying personal income tax, according to a federal government proposal in the 2020 Finance Bill.
In a statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, this was to check the impact of inflation on Nigerians.
He said that the federal government plans in the new bill to make the Nigerian economy resilient to exogenous shocks.
The statement said the Vice President Yemi Osinbajo, SAN, disclosed the measure Monday during the virtual opening session of the 26th Nigerian Economic Summit Group Conference.
Osinbajo who represented the President was quoted saying, “We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy, but are also a fulfillment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
In a statement by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, this was to check the impact of inflation on Nigerians.
He said that the federal government plans in the new bill to make the Nigerian economy resilient to exogenous shocks.
The statement said the Vice President Yemi Osinbajo, SAN, disclosed the measure Monday during the virtual opening session of the 26th Nigerian Economic Summit Group Conference.
Osinbajo who represented the President was quoted saying, “We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy, but are also a fulfillment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
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