Politics
Rep. Cyril Hart Clarifies Tax Reforms, Slashes Claims of Former Governor Amaechi
Abuja, Nigeria – Hon. Cyril Hart, Member of the House of Representatives, has clarified recent tax reforms, dismissing misinformation spread by former Governor Rt. Hon. Rotimi Amaechi.
Hart explained that VAT on building materials remains 7.5%, contrary to claims of a 25% increase. He emphasized that the 25% Company Income Tax applies to taxable income, not invoice value or turnover.
“Government will NOT take 25% of the INVOICE value of traders or anyone,” Hart stated. Small businesses with ₦100 million turnover are exempt from Tax, and Company Income Tax was reduced from 30% to 25%.
Hart urged citizens to disregard Amaechi’s claims, saying tax law is technical and requires proper interpretation. The reforms aim to ease burdens on small businesses and workers, with effects already visible in reduced PAYE deductions.