IT’S OFFICIAL: Minimum wage earners will no longer pay tax
Earners of minimum wage will no longer be required to pay Personal Income Tax, according to the proposed 2020 Finance Bill.
President Muhammadu Buhari says the 2020 Finance Bill exempts earners of minimum wage from paying taxes.
This was disclosed on Monday in a speech delivered virtually by Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience.”
“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax,” he was quoted as saying in a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
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