Nigeria’s Government Implements Major Tax Overhaul

Nigeria's President Bola Tinubu has signed four finance bills into law in a set of major reforms aimed at restructuring the tax system in Africa's most populous nation. The government says the new laws will simplify revenue collection, reduce the tax burden on some individuals and businesses, while also helping to raise much-needed government income revenue by making collection more efficient. He says the tax reforms will protect low-income households and support workers by expanding their disposable income. Andersen Nigeria, a tax and business advisory firm says for people earning up to 1m naira a year, a rent relief of 200,000 naira will be applied, effectively reducing their taxable income to 800,000 naira which will means they will no longer pay income tax. Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.