TUC CALLS FOR UPWARD REVIEW OF TAX EXEMPTIONS 21-01-25
By Sadiq Aminu The Trade Union Congress of Nigeria (TUC), has urged the federal government to review upward the threshold for tax exemptions from the current ₦800,000 per annum, as proposed in the Tax Reforms bill, to ₦2,500,000 per annum.
A statement by the President of TUC, Comrade Festus Osifo, says the review will provide relief to struggling Nigerians within that income bracket, easing the excruciating economic challenges they face by increasing their disposable income.
Comrade Osifo also said the proposed bill assigning royalty collection to the Nigeria Revenue Service (NRS) may lead to revenue losses for the government.
He called on the federal government to enable Nigerian Upstream Petroleum Regulatory Commission with specialised expertise to collect royalties in the oil and gas industry.
Comrade Osifo commended the federal government for the inclusion of derivation component in the Value Added Tax distribution amongst the three tiers of government.
The Trade Union Congress of Nigeria has a shared responsibility to promote policies that improve the lives of workers and improved living conditions for all Nigerians.