The President of the Chartered Institute of Taxation of Nigeria, Mr. Innocent Ohagwa, has stated that the new tax reform will benefit Nigeria’s lower-income population rather than make life harder for them.

Speaking at the investiture of the 7th Chairman of the CITN Ilorin District Society and the inauguration of its executive committee, Ohagwa emphasized that concerns about the new tax law are misplaced.

He explained that the reform is designed to address the challenges faced by small and medium-sized business owners.

“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,” Ohagwa added.