The Digest:
The Federal Government has moved to allay public fears over the newly implemented tax laws, assuring Nigerians that their personal bank accounts will not be monitored or debited based on transaction descriptions.
Key Points:
- Oyedele clarified that “no tax man in the world has the capacity to go after everyone” under the new regime.
- He emphasized that transfer descriptions, regardless of amount, are irrelevant for tax purposes.
- The reformed system is built on self-assessment, where individuals declare their own income and applicable tax.
- Oyedele suggested that much opposition stems from high-earning content creators resistant to taxation.
- He highlighted benefits for small businesses, noting the reform simplifies their tax obligations.
- The chairman attributed public misinformation to creators who “admitted they make up to $10,000 a month” and oppose being taxed.
- The policy is framed as progressive, aiming to protect low earners and simplify compliance.
Sources: Channels Television, Presidential Tax Reform Committee
