What do you know about the new tax reform law?

It could not be more SME friendly. All the bottlenecks have been resolved, and most of the loopholes that tax officials exploited to take bribes have now been taken care of. Businessmen must take steps so that their ignorance will not be taken for granted.

The political issue has also been resolved.

The political issue centered on the sharing formula among the three tiers of government, namely the federal, state, and local governments.

Making the clarifications recently, a senior special assistant to the president, Abdullai Tanko Yakassai,  cleared all misunderstandings.

The tax will now be shared as follows. 50% of the tax accruing to states will all be shared equally among the states, and 30% according to the percentage of contributions from each state, and the remaining 20% will be shared based on population.

The greatest attribute of the new reform is that small and medium-scale businesses whose turnover is 50 million naira and below are all exempted from paying taxes.

Also all taxes will be paid centrally, and there is therefore not going to be room for multiple taxation.

And the individual level only, anyone earning up to 800,000 naira monthly will be eligible to be taxed. Well, if all these are not worth celebrating, what is?