N’assembly proposes 50% tax relief to help companies increase salaries

  • 📰 thecableng
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 80%

Business News News

Business Business Latest News,Business Business Headlines

The national assembly is considering a bill that will introduce a 50 percent tax relief for companies that increase salaries or offer transportation allowances to low-income workers.

According to the bill, companies will be allowed an additional 50 percent deduction in their relevant years of assessment for costs incurred during the 2023 and 2024 calendar years.

The bill added that the qualifying expenses range from wage increases, transportation subsidies, or transport allowances granted to workers, whose gross monthly earnings are brought up to N100,000 or less.However, the provision stipulates that any additional salary increase granted to employees earning above N100,000 monthly will not be eligible for the tax deduction.

“A company shall be entitled to an additional deduction of 50 per cent in the relevant years of assessment in respect of costs incurred in 2023 and 2024 calendar years on the following,” the document reads. “ wage awards, salary increases, transportation allowance or transport subsidy granted to a low-income worker, which bring the gross monthly remuneration of the worker up to an amount not exceeding N100,000.00; provided that any additional award or salary increase to an employee earning above N100,000.

On October 14, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said the personal income tax of NigeriansOyedele said people earning less than N1.5 million below would be exempted from the personal income tax .the economic stabilisation bills seeking amendment of tax policies.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines