Students Commend FG’s Plan To Provide Tax Breaks For Companies

Students Commend FG’s Plan To Provide Tax Breaks For CompaniesThe National Association of University Students (NAUS) has praised the Federal Government’s proposal to implement a 50 percent tax relief for businesses aimed at helping them increase employee salaries.....KINDLY READ THE FULL STORY HERE▶

Earlier this week, The PUNCH reported that this initiative is part of a new legislative bill intended to reform Nigeria’s tax system. The proposed legislation, titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions, and Instruments, and Related Matters,” was submitted to the National Assembly on October 4, 2024.

The bill outlines specific income tax exemptions to encourage salary adjustments. Companies will be allowed an additional 50 percent deduction for relevant assessment years for costs incurred during the 2023 and 2024 calendar years.

In a statement on Monday, NAUS Senate President Oguntade Omodolamu emphasized that this initiative represents a significant step towards economic growth and the betterment of the workforce.

“We applaud the FG’s commitment to this cause,” Omodolamu stated. “NAUS recognizes the essential role businesses play in driving the economy and creating jobs.”

The statement also urged the Federal Government to prioritize the swift implementation of the bill. “Timely execution will enable businesses to plan effectively and provide much-needed relief to employees facing financial challenges,” it read.

By quickly rolling out this tax relief measure, the government will demonstrate its commitment to supporting both the business community and the workforce.

NAUS remains dedicated to supporting initiatives that foster economic growth and job creation, and is ready to collaborate with the government and other stakeholders to ensure the successful implementation and monitoring of this tax relief program.

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