January 21, 2021

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FG to exempt minimum wage earners from Personal Income Tax

The federal government has proposed to exempt minimum wage earners from Personal Income tax over the rising inflation.

The proposal, which will be included contained in the 2020 finance bill, is expected to reduce the effect of inflation on low-income earners in the country.

“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax,” President Buhari said.

“These provisions which complement the tax breaks given to small Biz 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 & the impact of inflation on ordinary Nigerians.

The president disclosed this via a thread of tweets posted on the official page of the Nigerian presidency on Monday, November 23.