Greenmax
- Any business with less than 50 million turnover is exempted from tax payments.
- over 90% of workers in public and private sectors will no longer pay income tax.
- Over 82% of what low-income persons consume will be VAT-free.
- scrapping over 50 nuisance taxes suffered by local businesses.
- VAT will no longer be calculated based on where the companies have their headquarters but where their goods are consumed.
- the rich to pay more tax while the poor will stop paying taxes..
- Consumption tax collected by states will be eliminated completely.
- FG share of VAT to reduce from 15% to 10% as states and LGAs now get 90%.
- Those earning less than N1.7m monthly will now pay less income tax.
- Customs, NUPRC, and other govt agencies will no longer collect taxes as only one Agency will be responsible for the collection of all taxes in NGR.
- Those receiving less than N9 million per annum could have their income tax cut by half.
- The bill could lead to the abolition of other multiple tax laws like the Stamp Duty Act.
- Over 90% of small businesses would no longer pay profit tax.
- Gradual increase of VAT from 10% in 2025 to 15% in 2030… With almost every goods consumed by low-income earners is exempted from VAT.
- Many NGR companies pay over 60 types of different tax & levies… The bill seeks to end this factor killing NGR industries.
