FG Plans Tax Breaks for Food and Transportation.
The federal government, through the Presidential Committee on Fiscal Policy and Tax Reforms, plans to eliminate taxes on essential items such as food, house rents, and public transportation to ease the financial burden on Nigerians. The chairman, Taiwo Oyedele, highlighted that this policy aims to make basic necessities more affordable, especially for the poorest citizens. Additionally, small businesses with an annual turnover of N50 million or less will be exempt from various taxes, benefiting around 97% of small businesses. A potential 2.5% tax increase is planned for 2025.
federal government, tax reforms, basic necessities, small business exemption, VAT, tax policy, Nigeria.
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