New Tax Reform Favors Small Businesses, Poorer Nigerians – CITN President

By FIDELUS ZWANSON

PRESIDENT of the Chartered Institute of Taxation of Nigeria (CITN), Mr. Innocent Ohagwa, says the new tax reform will benefit low-income earners and small businesses rather than burden them.

Speaking at the investiture of the 7th Chairman of CITN Ilorin District, Ohagwa explained that companies with turnover below ₦100 million or assets under ₦250 million will be exempted from tax payments, though still required to file returns.

He described the reform as the best he has seen, noting it offers incentives that support small and medium-scale enterprises.

New Ilorin Chairman Taofiq Alabi pledged to partner with the state government and business associations to educate the public and dispel misinformation about the law.

Guest speaker Chimenka Nzeribe stressed the need for tax harmonisation to curb multiple taxation, while Kwara Finance Commissioner Hauwa Nuru urged the new executives to promote transparent tax policies and professional development.