The Federal Government has reported early gains from its new tax reforms, with a sharp rise in business registrations and a significant increase in the number of Nigerians captured in the tax system.
The Minister of State for Finance, Taiwo Oyedele, disclosed this in a message shared on his WhatsApp platform on Sunday, stating that the reforms are already changing how individuals and businesses interact with the tax system.
According to him, thousands of informal businesses are now approaching the Corporate Affairs Commission daily for formal registration, a development he said points to growing confidence in the new tax framework.
He added that the number of individuals registered for tax purposes across the country has risen sharply from fewer than 10 million before the reforms to over 100 million. 
He explained that the reforms introduced several measures aimed at easing the burden on low-income earners and small businesses. 
These include exemptions for small companies from paying certain taxes, higher income thresholds before individuals are required to pay tax, and the removal of taxes on basic needs such as food, education, healthcare, transportation and rent.

 

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