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All Progressives Congress, United Kingdom aims at reinvigorating our democratic state which will guarantee all Nigerian citizens irrespective of religion, age or sex, political, social and economic justice, equality of opportunity and liberty of faith and expression.

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Renewed Hope United Kingdom

2 hours ago

Renewed Hope United Kingdom
Join President Bola Tinubu’s Spokesperson cum Special Adviser on Policy Communications, Barr. Daniel Bwala, who will be on ARISE TV later this evening with ace anchor, Charles Aniagolu to discuss "President Bola Tinubu’s Reforms: Yielding Results."Date: Tuesday, 3rd December 2024Time: 8:00 PMDon’t miss this opportunity to gain insights into the policies of President Bola Tinubu’s administration.#BwalaSpeaks … See MoreSee Less

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Renewed Hope United Kingdom

4 hours ago

Renewed Hope United Kingdom
🌟 President Bola Ahmed Tinubu’s New Tax Reforms: A Bold Step for Economic Inclusion1. Small Business Relief: Businesses with a turnover below ₦50 million are now exempt from tax payments.2. Income Tax Relief: Over 90% of public and private sector workers will no longer pay income tax.3. VAT Exemption for Essentials: More than 82% of goods consumed by low-income earners will be VAT-free.4. Elimination of Multiple Taxes: Over 50 nuisance taxes burdening local businesses will be scrapped.5. Fair VAT Distribution: VAT will now be calculated based on where goods are consumed, not where companies are headquartered.6. Progressive Taxation: The wealthy will contribute more in taxes, while low-income earners will stop paying taxes altogether.7. State Empowerment: Consumption tax collected by states will be completely abolished.8. Increased Revenue for States and LGAs: The Federal Government’s VAT share will reduce from 15% to 10%, with states and LGAs receiving 90%.9. Lower Income Tax for Modest Earners: Those earning less than ₦1.7 million monthly will now pay less income tax.10. Streamlined Tax Collection: Only one agency will oversee all tax collections, eliminating duplicative roles by customs, NUPRC, and others.11. Major Tax Cuts for Middle-Income Earners: Workers earning below ₦9 million annually could see their income tax reduced by 50%.12. Consolidating Tax Laws: Provisions aim to abolish outdated laws like the Stamp Duty Act.13. Support for Small Businesses: Over 90% of small businesses will no longer pay profit tax.14. Gradual VAT Increase: VAT will increase gradually from 10% in 2025 to 15% by 2030, with most goods consumed by low-income earners remaining VAT-exempt.15. Industrial Revival: The reform addresses the over 60 types of taxes and levies killing Nigerian industries.💡 You may not favour the messengers, but the message is a transformative one. … See MoreSee Less

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Renewed Hope United Kingdom

5 hours ago

Renewed Hope United Kingdom
"MTN is the largest VAT contributor in Nigeria — over N200bn on a monthly basis," says Taiwo Oyedele#TaxReformTownHall #TaxReformBill … See MoreSee Less

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Renewed Hope United Kingdom

5 hours ago

Renewed Hope United Kingdom
Tax Reform Bill Townhall: It’s Time to Grow Nigeria.By Arabinrin Aderonke This is my take on the tax reform townhall that was broadcasted live on Channels TV. It couldn’t have come at a better time. This was more than just a panel discussion; it was a call to action, a chance to understand the changes that will affect every Nigerian.Tax reform in Nigeria is no longer just a topic of debate. It is a defining moment for the future of Nigerians, a time in the development of our tax system, which has often been criticized for being inefficient, unfair, and complicated. The new tax reform bills aim to change all of this by introducing ideas and rules. They seek to transform how Nigerians earn, work, and pay taxes. At the Stakeholder Session with Tax Consultants and Chief Financial Officers (CFOs), Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, led the conversation alongside other stakeholders, and provided clarity on what’s at stake. The takeaway couldn’t be clearer: these reforms are what Nigeria needs right now. They are here to grow the country.The new reforms are a vision that privileges the ordinary Nigerian over the elite, the entrepreneur over the bureaucrat. Small businesses, those the government has often failed to support, are finally being given a fighting chance. No longer burdened with corporate income tax if their annual turnover stays under N50 million, these businesses will now have the room to grow and contribute to the economy. This is not mere charity. It’s a realization that the future of Nigeria lies in the hands of those who are brave enough to start something from scratch. Tax exemptions from withholding tax, and simplified processes that forgo the need for audited financial statements, will keep more businesses in the formal sector, giving them the structure they need to thrive. This is growth. This is how we build the Nigeria we all dream of.But these reforms are about more than just business. They carry the promise of a better deal for the ordinary Nigerian, the ones who have been carrying the weight of an unfair tax system for far too long. The removal of taxes on food and the exemption of low-income earners from personal income tax shows a government that is finally listening. Nigerians spend so much just to get by, and the removal of these burdens is a gesture that goes right to the heart of our struggles. The system is finally recognizing the value of every citizen, regardless of their income level.The reforms also aim to tackle the problem of multiple taxes and levies that have historically strangled businesses. The introduction of a Tax Ombudsman promises to bring much-needed accountability to the system. This independent body will give businesses a place to turn when they feel aggrieved. Mr. Baba Yusuf, speaking from a regional perspective, noted that Northern Nigeria stands to gain the most from these reforms. The reforms aren’t just about leveling the playing field for the elites or the wealthy regions; they are about ensuring fairness and opportunity for all.The revamped tax dispute resolution process promises to resolve conflicts within 14 days, which could be good for businesses that have long been hampered by bureaucracy. As we all know, time is money. With quicker resolutions, businesses can focus on growth rather than navigating endless red tape. Dr. Paul Alaje, an economist, praised the reforms for their ambitious scope, describing the introduction of a Tax Ombudsman as a "beautiful initiative" to enhance transparency and accountability. He noted that while the reforms are a step in the right direction, there may be a need to consider a gradual increase in VAT to 15% in the medium term to align with global standards.Mr. Chibuzor Michael applauded the reforms for their potential to harmonize Nigeria’s tax landscape, emphasizing the importance of understanding their intricacies. He highlighted how the reforms center on both people and businesses, aiming to simplify compliance while reducing the tax burden on low-income earners and small businesses.However, no reform comes without its challenges. The new VAT-sharing formula is a point of contention, particularly for state governors concerned about how the new distribution model will affect their states. While these concerns are valid, it’s important to remember that these reforms are not intended to divide us. They are about creating a tax system that works for the country as a whole. The VAT adjustments may cause discomfort in the short term, but in the long run, the goal is to reduce the tax burden on all Nigerians and ensure a more sustainable, equitable system.As Hon. Yakubu Dogara said during the panel, it’s time to move beyond regional and sectional divides. We need to put on the cap of leadership, the cap that is focused on the collective good of the nation. The reforms challenge us to rethink what’s possible, to go beyond the old ways, and to embrace a new, more inclusive future. Leadership will be key to ensuring that these reforms succeed. It’s time for Nigeria to grow.The change from the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS) is not just about a name change; it reflects a mission to improve the country’s tax system. This rebranding shows that the focus is no longer just on collecting taxes but on building a better system that works for everyone. The NRS aims to make the tax process more transparent and accessible, encouraging more Nigerians to pay taxes fairly. It’s a sign of the government’s commitment to improving the economy by making sure everyone contributes to the country’s growth.The true strength of this reform lies not just in the details of the bill but in the culture, it is set to create, a culture of fairness, compliance, and transparency. We may not be perfect yet, but these reforms present undeniable opportunities. They challenge the status quo, ask difficult questions, and offer solutions that Nigeria desperately needs. The reforms are not just about taxes; they are about creating an environment in which businesses and people can thrive. They are about building a Nigeria where the economy is structured to benefit all.Now is the time to understand the reforms, to look past the headlines, and see how they’ll truly affect us. There are opportunities here, but they will only be realized if the reforms are implemented. This is the much-needed transformation, it’s time to grow Nigeria.Arabinrin Aderonke Atoyebi is the technical assistant on broadcast media to the Executive Chairman of the Federal Inland Revenue Service. … See MoreSee Less

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Renewed Hope United Kingdom

6 hours ago

Renewed Hope United Kingdom
"I arrived in Cape Town, South Africa, for the 11th session of the Nigeria-South Africa Bi-National Commission, which coincides with 25 years of the framework established to strengthen ties between Nigeria and South Africa. I look forward to leading discussions at the Bi-National Commission session with President Ramaphosa @cyrilramaphosa on various key areas, including—but not limited to—trade and investment, political consultations, consular and migration matters, defence and security cooperation, banking, energy, manufacturing, and the social sector.As two of Africa’s leading economies, Nigeria and South Africa must keep working together to ensure shared prosperity for our countries and Africa." 🇳🇬🇿🇦President Bola Ahmed Tinubu, GCFR #NGRRSA#BNC2024 … See MoreSee Less

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