Taiwo Oyedele
@taiwoyedele • 96,375 subscribers
Minister of Finance & Coordinating Minister of the Economy - Federal Republic of Nigeria.
Videos
Your bank account is safe with or without narration. - 𝑷𝒓𝒆𝒔𝒊𝒅𝒆𝒏𝒕𝒊𝒂𝒍 𝑭𝒊𝒔𝒄𝒂𝒍 𝑷𝒐𝒍𝒊𝒄𝒚 𝒂𝒏𝒅 𝑻𝒂𝒙 𝑹𝒆𝒇𝒐𝒓𝒎𝒔 𝑪𝒐𝒎𝒎𝒊𝒕𝒕𝒆𝒆
Taiwo Oyedele1,242,184 görüntüleme • 5 ay önce
Don't let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you. When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise! Short video - courtesy CRIRS
Taiwo Oyedele464,292 görüntüleme • 6 ay önce
𝐌𝐨𝐬𝐭 𝐖𝐨𝐫𝐤𝐞𝐫𝐬 𝐖𝐢𝐥𝐥 𝐏𝐚𝐲 𝐋𝐞𝐬𝐬 𝐓𝐚𝐱 𝐅𝐫𝐨𝐦 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 2026 Under the new tax laws, about 98% of workers in both the public and private sectors are expected to pay less or no PAYE/personal income tax. This short video explains how Personal Income Tax is calculated under the new law and what the changes could mean for you. Calculate your tax under the old and new tax laws here: 𝑲𝒏𝒐𝒘 𝒕𝒉𝒆 𝒇𝒂𝒄𝒕𝒔. 𝑫𝒐 𝒕𝒉𝒆 𝒎𝒂𝒕𝒉 #FactNotFear #TaxReforms #Nigeria
Taiwo Oyedele267,091 görüntüleme • 6 ay önce
Some media reports claiming that I described the gazetted tax laws as "fake" are incorrect. My comment was specifically about a list of "alleged alterations" being circulated as the report of House of Representatives committee before the committee had even met. Watch the interview with Channels TV here and the clarification that I provided today on Arise in this short video. The full Arise News interview is here: Manipulation may travel fast but only the truth can go far.
Taiwo Oyedele213,081 görüntüleme • 6 ay önce
Misconceptions versus truth about the new tax laws #Watch #TaxReform #SharedProsperity
Taiwo Oyedele163,070 görüntüleme • 6 ay önce
𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭 2025 𝐡𝐚𝐬 𝐂𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐝 𝐚𝐧𝐝 𝐃𝐨𝐞𝐬 𝐍𝐎𝐓 𝐈𝐦𝐩𝐨𝐬𝐞 𝐚 25% 𝐓𝐚𝐱 𝐨𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐨𝐫 𝐅𝐮𝐧𝐝𝐬 We are aware of a recent video claiming that the new tax laws will commence in 2027 and alleging the imposition of a 25% tax on funds for building materials and other transactions. Both claims are incorrect. Contrary to the misinformation seeking to create fear, panic and disaffection, the Nigeria Tax Act 2025 has already commenced and does not impose a 25% tax on construction funds, bank balances, or business expenses. Instead, it contains provisions specifically designed to reduce the cost of housing, rent and real estate development. 𝐊𝐞𝐲 𝐏𝐫𝐨𝐯𝐢𝐬𝐢𝐨𝐧𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭, 2025 Relevant provisions to make housing more affordable, encourage real estate development, and support small business property contractors and low-income renters include: 1. 𝑳𝒐𝒘𝒆𝒓 𝑪𝒐𝒔𝒕 𝒐𝒇 𝑩𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒂𝒏𝒅 𝑷𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕 𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘓𝘢𝘯𝘥 𝘢𝘯𝘥 𝘉𝘶𝘪𝘭𝘥𝘪𝘯𝘨𝘴 (𝘚.185(𝘭)): Land and buildings are now specifically exempt from Value Added Tax (VAT). 𝘐𝘯𝘱𝘶𝘵 𝘝𝘈𝘛 𝘊𝘳𝘦𝘥𝘪𝘵𝘴 𝘧𝘰𝘳 𝘊𝘰𝘯𝘵𝘳𝘢𝘤𝘵𝘰𝘳𝘴: Where VAT is chargeable on any materials or service, contractors can now recover VAT on their assets and overhead costs, which lowers overall construction costs. 𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘞𝘪𝘵𝘩𝘩𝘰𝘭𝘥𝘪𝘯𝘨 𝘛𝘢𝘹 (𝘞𝘏𝘛): A lower 2% WHT rate is applicable on construction contracts, helping to conserve cash flow and reduce financing pressure on developers. 𝘓𝘰𝘢𝘯 𝘐𝘯𝘵𝘦𝘳𝘦𝘴𝘵 𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘰𝘯 (𝘚.30(2)(𝘪𝘷)): Mortgage interest is tax-deductible for individuals developing an owner-occupied residential house. 𝘋𝘦𝘥𝘶𝘤𝘵𝘪𝘣𝘭𝘦 𝘙𝘦𝘯𝘵𝘢𝘭 𝘌𝘹𝘱𝘦𝘯𝘴𝘦𝘴 (𝘚.20): Property owners who earn rental income can deduct related costs such as repairs, insurance, and agency fees. 2. 𝑫𝒊𝒓𝒆𝒄𝒕 𝑹𝒆𝒍𝒊𝒆𝒇 𝒇𝒐𝒓 𝑹𝒆𝒏𝒕𝒆𝒓𝒔 𝒂𝒏𝒅 𝑻𝒆𝒏𝒂𝒏𝒕𝒔 𝘙𝘦𝘯𝘵 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.30(2)(𝘷𝘪)): Individuals can claim relief up to ₦500,000 (20% of annual rent), increasing disposable income for low-income earners. 𝘝𝘈𝘛 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘰𝘯 𝘙𝘦𝘯𝘵 (𝘚.185(𝘭)): The VAT exemption on land and buildings also covers rent which is fully exempt from Value Added Tax. 𝘚𝘵𝘢𝘮𝘱 𝘋𝘶𝘵𝘺 𝘙𝘦𝘭𝘪𝘦𝘧 (𝘚.134): Lease agreements with an annual value below ₦10,000,000 (or 10 times the annual minimum wage) are exempt from stamp duty. 3. 𝑰𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒔 𝒇𝒐𝒓 𝑰𝒏𝒗𝒆𝒔𝒕𝒐𝒓𝒔 𝒂𝒏𝒅 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒆𝒓𝒔 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘎𝘢𝘪𝘯𝘴 𝘛𝘢𝘹 𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 (𝘚.51(1)): Individuals pay no Capital Gains Tax (CGT) when disposing of a dwelling house or an interest in one. 𝘙𝘌𝘐𝘛 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴 (𝘚.162(𝘤)): Real Estate Investment Trusts (REITs) are exempt from Companies Income Tax (CIT) when distributing at least 75% of their dividend or rental income within 12 months after the financial year-end. 𝘗𝘳𝘪𝘰𝘳𝘪𝘵𝘺 𝘚𝘦𝘤𝘵𝘰𝘳 𝘐𝘯𝘤𝘦𝘯𝘵𝘪𝘷𝘦𝘴: Manufacturing of building materials such as iron, steel, and domestic appliances qualifies for specific tax exemption under the economic development incentive scheme for up to 10 years. 𝘙𝘦𝘥𝘶𝘤𝘦𝘥 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘛𝘢𝘹 𝘙𝘢𝘵𝘦 (𝘚.56): Scope for the reduction of companies income tax rate for large businesses from 30% to 25%. 4. 𝑷𝒓𝒐𝒕𝒆𝒄𝒕𝒊𝒐𝒏 𝒇𝒐𝒓 𝑾𝒐𝒓𝒌𝒆𝒓𝒔 𝒂𝒏𝒅 𝑺𝒎𝒂𝒍𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 • 𝘊𝘢𝘱 𝘰𝘯 𝘏𝘰𝘶𝘴𝘪𝘯𝘨 𝘉𝘦𝘯𝘦𝘧𝘪𝘵 𝘛𝘢𝘹 (𝘚.14(6)): The taxable value of employer-provided accommodation is limited to the annual rental value, subject to a maximum of 20% of the employee's annual gross employment income, excluding the rental value. • 𝘚𝘮𝘢𝘭𝘭 𝘊𝘰𝘮𝘱𝘢𝘯𝘺 𝘙𝘦𝘭𝘪𝘦𝘧: Suppliers and contractors who qualify as small companies benefit from 0% Companies Income Tax (CIT), exemption from charging VAT and no deduction of Withholding Tax (WHT) from their invoices and payments. 5. 𝑾𝒉𝒂𝒕 𝒊𝒔 𝑵𝑶𝑻 𝒊𝒏 𝒕𝒉𝒆 𝑻𝒂𝒙 𝑳𝒂𝒘 The Act does not: • Tax money in bank accounts or bank balances. • Tax transfers for buying building materials. • Introduce a 25% construction or business cost tax. • Delay implementation until 2027. 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: Claims suggesting a new tax on building materials or bank funds are false and misrepresent the law. Rather, the new tax law specifically introduced measures to make housing more affordable, promote real estate development, incentivise manufacturing of building materials, and grant rent reliefs to tenants to enhance their disposable income. 𝐅𝐈𝐍𝐀𝐋 𝐖𝐎𝐑𝐃: “Fact Not Fear”, evidence beats emotion. If anyone makes an alarming claim or tries to misinform you, ask them “Where is it in the law?” With the new tax laws, housing should become more affordable and rent should go down NOT up! — 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 𝘢𝘯𝘥 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦
Taiwo Oyedele121,431 görüntüleme • 4 ay önce
𝐒𝐞𝐧𝐚𝐭𝐞 𝐩𝐚𝐬𝐬𝐞𝐬 𝐭𝐚𝐱 𝐫𝐞𝐟𝐨𝐫𝐦 𝐛𝐢𝐥𝐥𝐬 The Nigeria Revenue Service (Establishment) Bill and the Nigeria Tax Administration Bill have been considered for third reading and passed by the Senate. This follows the presentation today by its special committee, the finance committee, and clause by clause consideration of the bills. The remaining two of the four tax reform bills, i.e. the Nigeria Tax Bill and the Joint Revenue Board (Establishment) Bill are slated for passage by tomorrow, 8 May 2025.
Taiwo Oyedele113,315 görüntüleme • 1 yıl önce
Today, the 47th President of the United States, Donald J. Trump announced plans to establish an 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 to impose tariffs and taxes on other countries. This move could disrupt international trade and further complicate the already complex global tax system, highlighting the importance of our ongoing tax reforms. By revamping our tax system, we can better navigate potential challenges and seize any opportunities this development may present.
Taiwo Oyedele125,223 görüntüleme • 1 yıl önce
𝐀𝐥𝐥 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐫𝐞𝐟𝐨𝐫𝐦 𝐛𝐢𝐥𝐥𝐬 𝐡𝐚𝐯𝐞 𝐧𝐨𝐰 𝐛𝐞𝐞𝐧 𝐩𝐚𝐬𝐬𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐬𝐬𝐞𝐦𝐛𝐥𝐲 8 May 2025, the Senate, today passed the two remaining tax bills, that is, the Nigeria Tax Bill and the Joint Revenue Board (Establishment) Bill. This follows the passage of the other two bills yesterday, that is, the Nigeria Revenue Service (Establishment) Bill and the Nigeria Tax Administration Bill. Consequently, all four tax reform bills have now been considered for third reading and passed by both the House of Representatives and the Senate. The next step is for the conference committee which has been set up by the National Assembly to harmonise areas of differences in the two versions of the bills as passed by the House of Representatives and the Senate before transmission to Mr. President for assent.
Taiwo Oyedele81,789 görüntüleme • 1 yıl önce
𝐂𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭 𝐭𝐨 𝐚𝐝𝐝𝐫𝐞𝐬𝐬 𝐦𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐭𝐚𝐱𝐚𝐭𝐢𝐨𝐧 The National Assembly has taken a historic step towards addressing multiplicity of taxes in Nigeria. A bill for the alteration of the 1999 Constitution to achieve this and related objectives has passed the second reading. Specifically, the amendments seek to: 1. Clarify the taxation powers of federal, state and local government to prevent overlap and conflict 2. Define scope of taxes and levies collectible by each tier of government 3. Prevent unlawful outsourcing of revenue collection 4. Introduce a ceiling on the number of taxes on income, consumption or property that may be imposed on a taxpayer 5. Strike out nuisance taxes and prevent the harassment of persons for the purpose of tax collection 6. Enhance transparency, fiscal discipline and accountability in the collection of taxes Once successfully altered, this amendment will ensure that taxes are sustainably harmonised and the burden and related consequences removed once and for all. We are grateful to the National Assembly for this patriotic effort to address a critical problem in our tax system. Watch: #FiscalReform #NigeriaIsWinning #ProgressIsPossible
Taiwo Oyedele46,229 görüntüleme • 7 ay önce
𝐓𝐚𝐱 𝐑𝐞𝐟𝐨𝐫𝐦 𝐁𝐢𝐥𝐥𝐬 𝐔𝐩𝐝𝐚𝐭𝐞 The House of Representatives has today passed the four tax reform bills for Second Reading and referred them to the Finance Committee of the House for further legislative work, including public hearing. We are grateful to the lawmakers for their robust debates and diligent consideration of the bills and look forward to continued engagement with the National Assembly and active participation in the public hearing process. May Nigeria win!
Taiwo Oyedele64,400 görüntüleme • 1 yıl önce
𝐓𝐡𝐞 𝐓𝐫𝐮𝐞 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐓𝐚𝐱 I enjoyed granting this interview in Kenya with Julians Amboko, a brilliant financial journalist at Nation Media Group - the largest independent media organisation in East and Central Africa. Africa must remove disincentives to investment and barriers to growth, and revenue will follow. It’s time to rethink our revenue mobilisation strategy, including adopting a supportive rather than extractive approach toward the informal sector. • reduce withholding tax rates so businesses have cash for expansion • eliminate minimum tax - it's often a payment out of capital • exempt low income earners and smallest businesses - a nation can not become rich by taxing poverty. The economy of collection isn’t just about administrative efficiency or cost-to-revenue ratio. It’s also about the opportunity cost to the taxpayer. What did the payer give up by paying the tax? If we tax the seed in the hands of taxpayers today, we might boost short-term revenue, but we undermine long-term wealth creation and lose the opportunity to tax the fruits tomorrow. #SharingKnowledge #TheAfricaWeWant #RethinkingTaxPolicy
Taiwo Oyedele31,285 görüntüleme • 8 ay önce
𝐏𝐮𝐛𝐥𝐢𝐜 𝐇𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐓𝐚𝐱 𝐑𝐞𝐟𝐨𝐫𝐦 𝐁𝐢𝐥𝐥𝐬 The House of Representatives has announced a date for the public hearing on the tax reform bills as follows: Date: Wednesday, 26 February 2025 Time: 10:00 AM Venue: House of Representatives Temporary Chamber, National Assembly Complex, Three Arms Zone, Abuja Copies of the bills can be viewed or downloaded here:
Taiwo Oyedele40,427 görüntüleme • 1 yıl önce
