President Muhammadu Buhari has proposed the exemption of minimum wage earners from paying personal income tax.
The proposal, which will be included in the 2020 finance bill, is expected to reduce the effect of inflation on low income earners in the country.
On Saturday, Nigeria officially slid into its worst recession in 33 years, according to the National Bureau of Statistics.
According to gross domestic product numbers released by the NBS, the nation recorded a contraction of 3.62 percent in the third quarter of 2020.
The last time Nigeria recorded such cumulative GDP was in 1987, when GDP declined by 10.8 percent.
At its sitting on Wednesday, the federal executive council approved the 2020 Finance Bill, which among others, seeks to amend various acts of 13 taxes, including the personal income tax act.
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Minister of Finance, Budget and National Planning, Zainab Ahmed, 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.
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