The Nigeria Revenue Service (NRS) has revealed who stands to benefit most from the new tax law introduced by President Bola Tinubu.
In an interview on Sunday with Arise Television, the Executive Chairman of the NRS, Zacchaeus Adedeji, stated that the poor are the primary beneficiaries of the new tax reforms.
Adedeji emphasized that the government is not increasing taxes and noted that, considering all exemptions, more than 95% of low-income earners are fully exempted.
The NRS boss stressed that removing Value Added Tax, VAT, on all food item is still to the advantage of the poor because 90% of disposable income for poor is for food.
“We remove VAT totally from those ones. The same thing on transportation, which is also in the poor.
“So if you look at the total and the net benefit, the poor are the most beneficiary of this tax reform,” he said.
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