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Oyedele added that workers earning the new minimum wage and slightly more will also be fully exempted from tax obligations.

Addressing various tax issues on X (formerly Twitter), Oyedele said these thresholds will result in over 90 per cent of workers in the public and private sectors paying lower taxes while high income earners will pay slightly more in a progressive manner up to 25 per cent for the ultra-high net worth individuals.

His explanation came against the backdrop of general concerns that workers might pay more under the proposed tax reform initiatives of the federal government.

Oyedele also said planned changes to the current tax table of personal income brackets and rates was to discourage arbitrage in some cases between the two income tax regimes.

He said the current tax table was introduced in 2011, stating that due to high inflation and lack of review, the structure has resulted in “fiscal drag” where many low income earners have been pushed to the top tax bracket over time.

This, he said, meant that an individual earning just N400,000 a month was paying the same top marginal income tax rate as a wealthy individual earning about N20 million per month.

He said, “Therefore, the tax table has become regressive rather than progressive, as it was originally designed.

“Also, the current personal income tax regime does not encourage formalisation given that the effective top tax rate on companies is nearly double that of enterprises, which also encourages arbitrage in some cases between the two income tax regimes.

“Hence, the proposed changes seek to address these issues and simplify the system by incorporating current reliefs and allowances into the bands and rates to achieve an overall lower effective tax rate for the majority of workers.”

Further addressing concerns over taxation of workers’ income in the proposed regulation, Oyedele clarified that apart from the N800,000 per annum, which was exempt from tax, there was a rent relief of up to N200,000 per annum, which together will exempt individuals earning up to N1 million per annum (about N83,000 per month).

He said,

“This is particularly beneficial to low income earners. Also, the new tax bands and rates have been designed to avoid a situation where individuals earning slightly more than the exemption threshold are taxed to an extent that makes them worse off than a person whose income is within the exemption threshold.

“For example, a person earning N30,000 per month is exempt from tax while a person earning N30,001 per month will pay about N500 leaving the latter with a net of N29,500 which is N500 worse than the person earning N30,000.

“Under the tax bills, this problem has been addressed, as everyone will be eligible to the first tax-free bracket.”

Furthermore, Oyedele said statutory deductions, including pension and National Housing Fund contributions, were still applicable under the new tax bills.

According to him, “These are contributions under the National Housing Fund, National Health Insurance Scheme, Pension Reform Act, interest on loans for developing an owner-occupied residential house, annuity or premium paid for life insurance, and rent relief up to N200,000 per annum.”

He said while part of the objectives of tax reforms was simplification, the impact of the

Consolidated Relief Allowance (CRA) and Personal Relief had been incorporated into the tax table such that the overall goal of exempting low income earners and reducing taxes for middle income earners was achieved.

Addressing worries over the removal of CRA and personal relief, which seemingly amounted to giving a relief with one hand and taking it back with the other, Oyedele pointed out,

“By integrating the reliefs into the tax brackets and rates, many taxpayers with basic education would be able to calculate their taxes with little or no assistance thereby achieving the dual objectives of lower tax burden and tax simplification.”

On suggestions that the tax rate for the second band seemed quite steep, moving from zero per cent to 15 per cent, he said, “By comparison, the second band under the bills, which is to be taxed at 15 per cent, is currently being taxed at a marginal rate of 21 per cent even after all reliefs and allowances.

“So, while the 15 per cent may appear steep from zero per cent for the first band, it is lower compared to the current tax table.

“The real impact for a person earning about N3 million per annum equivalent to the aggregate of the first and second brackets is a lower effective tax rate of 10 per cent compared to about 12 per cent under the current tax table.”

According to the Tax Umpire, the dates are; 10th of May,2024, Due date for remitting Pay As You Earn (PAYE), 21st of May,2024, Due date for Value Added Tax (VAT) and Withholding Tax (WHT) return respectively.

According to investopedia, Pay As You Earn (PAYE), refers to either a system of income tax withholding by employers or income-based system for student loan repayments.

In the context of taxes, Pay As You Earn, requires employers to deduct income tax-and in some cases the employee portion of social insurance benefit taxes form each paycheck delivered to employees as form of advance payment on tax due.

Meanwhile, the standard VAT rate is 7.5% (increased from 5% on 1 February 2020) and  Zero-rated items include goods and services purchased by diplomats and goods purchased for use in humanitarian donor-funded projects.

Exempt items include plants and machinery for use in export processing zones (EPZs) or free trade zones (FTZs), basic food items (based on a specific list), medical products and services, pharmaceutical products, books and educational materials, and exported services.

In Nigeria, Companies such as; MTN, Airtel, government agencies, banks, and oil and gas companies are required to deduct at source VAT charged by their suppliers and remit it to the tax authority.

All other organizations are required to collect VAT charged on their invoices from their customers for filing and payment to the tax authority.

The Finance Act 2019, has introduced a reverse-charge mechanism for services from which no tax invoice was received. VAT returns are filed on a cash basis.

The FIRS has implemented a platform for auto tracking and remittance of VAT known as FIRS VAT-Collect. Some of the users of the system are domestic airlines (for instant remittance of VAT on their ticket sales) and other retailers.

Non-resident digital companies (as appointed by the tax authorities) rendering services to Nigerian customers are required to charge, collect VAT, and remit to the FIRS in the currency of transaction.

FIRS, also noted that 31st of May, 2024, is the Due date for companies income Tax (CIT),  for October 2023 accounting year end, Tertiary Education Tax (TET) & National  information Technology Development Levy (NITDL).

In Nigeria, the CIT rate is 30% for large companies (i.e. companies with gross turnover greater than 100 million Nigerian naira [NGN]), assessed on a preceding year basis (i.e. tax is charged on profits for the accounting year ending in the year preceding assessment).

Investment income paid by a Nigerian resident to a non-resident is sourced in Nigeria and subject to withholding tax (WHT) at source, which serves as the final tax.

In respect of business profits, a non-resident company (which is not tax resident in a treaty country) that has a fixed base or a permanent establishment (PE), in Nigeria is taxable on the profits attributable to that fixed base. Non-resident digital companies (which are not tax resident in a treaty country) that have a significant economic presence (SEP) will be subject to income tax in Nigeria on profit attributable to the taxable presence in Nigeria.

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Recall that Gombe State IRS had in the early hours of Monday, February 14, 2022, sealed off two branches of Access Bank located along Biu Road and that of Market Road.

Mal. Abubakar Inuwa Tata, the Executive Chairman of Gombe State IRS who personally led the enforcement team comprising the Executive Director, Other Revenue and Head, Legal Department told newsmen shortly after the exercise that Access Bank branches would remain closed till the bank pays all tax liabilities to Gombe State Government.

“The Service conducted an investigation over PAYE remittances of the then Diamond Bank Plc which was acquired by Access Bank Plc sometime in October 2019 and came of with a liability of about N118,045,098.20 against Access Bank Plc and a demand notice was written and served in that regard sometimes on the 27th January 2020.

“The Bank blatantly refused to either object or reply to the said demand notice, on the 28th February 2020, the Service wrote and served its final and conclusive letter on the said Bank.

“The Bank later rushed to Tax Appeal Tribunal (TAT) Bauchi and filed a petition sometime on the 4th March 2020, which the Service through its legal representatives filed and served their reply sometime on the 19th March 2020. Both parties each call one witness and closed their case. Addresses were filed and served.”

The appeal was heard and determined, and judgment passed in favour of the Service by dismissing the Bank’s appeal No.TAT/NEZ/005/M/2020 on the 10th February 2022.

“Having passed the judgement, and there is no appeal against the said judgment up to this moment, the Service decided to obtain a distrain order in accordance with s.38 of Gombe State Revenue (Codification and Consolidation) Law, 2021 for enforcement of the said demand and recover the said sum of N118,045,098.20 owed to the Government of Gombe State by Access Bank.

But in a post on Tuesday, the Executive Chairman, Gombe State IRS confirmed that the Bank has ‘settled’ the tax debt and now can open and operate the two branches.

The message reads:

“Access Bank Plc Settles N118.05 million Tax Liabilities, will be open for Business on Wednesday, February 16, 2022 – Executive Chairman, Gombe Internal Revenue Service”.

Tata advised all corporate entities, including professional bodies operating in the state to come forward and settle all tax-related issues with the government or risk being sealed off.

“We are going to be fair and just to all taxpayers, but we will remain firm and decisive in ensuring that all taxpayers pay what is due to the state government,” he said.

“We have experienced lots of challenges in 2020 and 2021 due to lack of effective legal framework for the enforcement of the law to tax defaulters, which necessitated the review of Gombe State Revenue Law in 2021 which further empower the State Chief Judge to constitutes “Tax Recovery Tribunal” for adjudication on tax matters. This would go a long way in ensuring compliance by tax-paying entities.”

The Service media team reports that the bank branches, located along Biu Road and that of Market Road were sealed-off in the early hours of Monday, February 14, 2022.

Mal. Abubakar Inuwa Tata, the Executive Chairman who personally led the enforcement team comprising the Executive Director, Other Revenue and Head, Legal Department told newsmen shortly after the exercise that Access Bank branches would remain closed till the bank pays all tax liabilities to Gombe State Government.

“The Service conducted an investigation over PAYE remittances of the then Diamond Bank Plc which was acquired by Access Bank Plc sometime in October 2019 and came of with a liability of about N118,045,098.20 against Access Bank Plc and a demand notice was written and served in that regard sometimes on the 27th January 2020.

“The Bank blatantly refused to either object or reply to the said demand notice, on the 28th February 2020, the Service wrote and served its final and conclusive letter on the said Bank.

“The Bank later rushed to Tax Appeal Tribunal (TAT) Bauchi and filed a petition sometime on the 4th March 2020, which the Service through its legal representatives filed and served their reply sometime on the 19th March 2020. Both parties each call one witness and closed their case. Addresses were filed and served.”

The appeal was heard and determined, and judgment passed in favour of the Service by dismissing the Bank’s appeal No.TAT/NEZ/005/M/2020 on the 10th February 2022.

“Having passed the judgement, and there is no appeal against the said judgment up to this moment, the Service decided to obtain a distrain order in accordance with s.38 of Gombe State Revenue (Codification and Consolidation) Law, 2021 for enforcement of the said demand and recover the said sum of N118,045,098.20 owed to the Government of Gombe State by Access Bank.

The Executive Chairman advised all corporate entities, including professional bodies operating in the state to come forward and settle all tax-related issues with the government or risk being sealed off.

“We are going to be fair and just to all taxpayers, but we will remain firm and decisive in ensuring that all taxpayers pay what is due to the state government,” he said.

“We have experienced lots of challenges in 2020 and 2021 due to lack of effective legal framework for the enforcement of the law to tax defaulters, which necessitated the review of Gombe State Revenue Law in 2021 which further empower the State Chief Judge to constitutes “Tax Recovery Tribunal” for adjudication on tax matters. This would go a long way in ensuring compliance by tax-paying entities.”

While the Service is open to reconciliation through Tax Audit Reconciliation Committee (TARC) meeting, we would not hesitate to seal off any business establishment and corporate organization that was not willing to pay taxes to the state, the Chairman concluded.

Access Bank has yet to release a statement regarding the matter as at the time of filling this report.