Many employees, particularly those at the state level, initially mistook the salary bump for an annual raise. However, the increase is actually tied to the new tax law, which applies to all workers—from federal down to local government staff.
To ensure proper implementation, the committee will hold a training session with the Joint Revenue Board for senior officials handling payroll, tax compliance, and HR management. Oyedele also dismissed rumors about new taxes on electronic transfers or bank deposits, clarifying that no such levies were introduced. Instead, businesses can now claim input VAT on bank charges.
A separate meeting was held with financial institutions, including banks, fintech firms, and regulators, to address concerns about incorrect customer charges. Discussions covered the mandatory use of Tax Identification Numbers for business accounts, simplified tax filing processes, and the removal of Tax Clearance Certificates as a requirement for forex transactions.
The session also outlined proper procedures for tax recovery and highlighted new protections for taxpayers through the Office of the Tax Ombud. According to Oyedele, the reforms aim to bring more people into the formal economy, reduce conflicting tax policies, and improve trust in the financial system.
