๐จ๐๐๐๐๐๐ ๐ญ๐๐๐ ๐ต๐๐๐ ๐พ๐๐๐๐๐๐ ๐ช๐๐๐๐๐๐!
Watch the interview here https://t.co/yRxMFqzx0I
Tax Reform: If you cannot explain yourself, if you have a bank account, we can debit your bank account โ Oyedele Explains
The Chairman of the Presidential Committee on Tax Reforms, Taiwo Oyedele, has shed more light on how Nigeriaโs incoming tax intelligence framework will monitor financial behaviour to identify tax evasion. Speaking on The Micon Podcast, Oyedele explained that the new system will aggregate multiple data points to build a clearer picture of individualsโ financial activities.
โThis is the whole essence of the intelligence we are trying to piece together. What happens in your bank account, when you travel abroad, how you use your payment card, electricity, your phone. All those information,โ he said. According to him, the government is not targeting low-income earners or small financial discrepancies.
โBy the way, you know government will not go after you if you earn 50k and you spend 90k. They are not looking for those kind of small money. Itโs not worth it. So itโs usually those big numbers.โ Oyedele stated that once the system validates a personโs financial footprint and identifies inconsistencies, authorities will be able to detect whether taxes have been duly paid.
โBy the time the system validates what youโre doing, we will be able to know if you have not paid tax. If you cannot explain yourself, and your tax is 1 million, under this new tax law from next year, if you have a bank account, we can debit your bank account,โ he added.
He concluded by stressing that the improved framework reflects a new professional approach to tax enforcement, moving the country away from crude, forceful methods, a shift, he said, from โusing hammers and nails to chase people for tax.โ
๐๐จ๐ฎ๐ซ ๐ญ๐๐ฑ๐๐ฌ ๐๐ซ๐ ๐๐จ๐ฆ๐ข๐ง๐ ๐๐จ๐ฐ๐ง ๐ง๐๐ฑ๐ญ ๐ฒ๐๐๐ซ, ๐ง๐จ๐ญ ๐ ๐จ๐ข๐ง๐ ๐ฎ๐ฉ!
Some individuals and media are spreading misleading claims about the new tax reform laws taking effect from next year. Here are the facts they are not telling you.
From January 2026:
โ๏ธ You will pay less or no taxย if you are in the bottom 98% of income earners.
โ๏ธ Food will cost lessย because VAT on food, education and healthcare will be removed.
โ๏ธ Small companies will pay 0% corporate taxย and will be exempt from VAT.
โ๏ธ Large companies will pay lower corporate tax and will enjoy VAT credits on their costs.
โ๏ธ In short:ย everyone - individuals, SMEs, and large companies - benefits from a reduced tax burden.
So you wonder why some say โthis is not the right time for tax reform.โ But why should we delay a reform thatย reducesย the taxes Nigerians currently pay?
Here are some of the false claims circulating:
โ New taxes are coming
โ Government will debit your bank account
โ Remittances and gifts will be taxed
โ Online earners are the target
โ Inflation will worsen
Good news doesnโt trend, sensational misinformation does, often to the benefit of the creator but at the expense of their followers. Unfortunately, many people fall victim.
I recently met someone who refused to buy rights issues from his bank because he believed he would be charged 30% Capital Gains Tax. In reality, he will be completely exempt โ now he has lost money due to misinformation.
Nigeriaโs tax awareness is low, and that makes people vulnerable to misleading analysis. The new lawsย did not introduce any new tax. Donโt let anyone scare you into believing otherwise.
When they say new taxes are coming, ask them to mention one. If they say taxes will go up, ask them which tax and for who.
Watch the full explanation here, and share with anyone who deserves clarity, not fear: https://t.co/4GpGGHdGQp