The President of the Chartered Institute of Taxation of Nigeria (CITN), Innocent Ohagwa, has said the new tax reform will ease the burden on low-income earners and small business owners rather than worsen their plight.
Speaking at the investiture of Taofiq Alabi as the 7th Chairman of the CITN Ilorin & District Society, Ohagwa described the fears surrounding the new tax policy as misplaced, noting that it was designed to support economic inclusion.
He explained that small companies with an annual turnover below ₦100 million or assets not exceeding ₦250 million would be exempted from paying tax, provided they file their returns to verify their exemption status.
Ohagwa clarified that being exempt from tax does not exempt businesses from obtaining a Tax Identification Number (TIN), which is required to transition once they surpass the exemption threshold.
He described the reform as the most progressive in recent history, emphasising that it encourages compliance while protecting micro and small enterprises from financial strain.
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