New tax law, advantageous to low-cadre workers – CITN president

Ohagwa

… says the fear being shown about the new tax law was unfounded…

The President, Chartered Institute of Taxation of Nigeria, Mr. Innocent Ohagwa, has said the new tax reform will benefit the lower economic class of Nigerians more than making life harder for them.

Ohagwa said this at the investiture of the 7th Chairman of CITN Ilorin and District Society and the inauguration of the executive committee.

He explained that the fear being expressed about the new tax law was unfounded, stating that the new law would address the problems of medium and small-scale business owners.

Ohagwa added, “For example, if you have a small company that is operating up to N100 million turnover or N250 million assets, you will be exempted from payment of tax.

“But you will be required also to file returns because there is no way the relevant authorities will know that you are in that ratio if you don’t file your returns.

“This obligation is that being exempted from tax is not an exemption from having a tax identification number; it is the tax ID that will enable you to migrate when you leave that threshold.

“For me as an expert, this is the best tax reform I have ever seen in my life.”

NAN