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Inflation: FG To Exclude Minimum Wage Earner From Personal Income Tax
Following the recent economic downturn, rising inflation and the country slide into recession, President Muhammadu Buhari has proposed the exemption of minimum wage earners from personal income tax.
The Presidency made this known in a tweet on Monday after the federal executive council meeting.
“In order to reduce the impact of inflation on Nigerians, the President Muhammadu Buhari administration, is, through the 2020 Finance Bill, proposing the exemption of minimum wage earners from Personal Income Tax,” the tweet reads.
The proposal, which will be included in the 2020 finance bill, is expected to cushion the effect of inflation on low income earners in the country.
The federal executive council also approved the 2020 finance bill which, among others, seeks to amend various acts of 13 taxes, including the personal income tax act.
Zainab Ahmed, minister of finance, budget and national planning, said the bill will improve the country’s tax laws while also reducing some taxes especially for small businesses in addition to those already reduced in the 2019 finance bill.
She disclosed that the bill will be transmitted to the national assembly for consideration and passage into law.
In April 2019, Buhari signed the national minimum wage bill into law. The senate and house of representatives had earlier passed the bill approving N30,000 as the new national minimum wage
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