Oyedele said 90% of workers will pay less taxes in the new regime
According to Taiwo Oyedele, who heads the Presidential Committee on Fiscal Policy and Tax Reforms, most workers (90%) would pay less in taxes under the proposed reforms. He shared this information on social media platform X, explaining what these reforms would mean for citizens.
“Individuals earning about N1.7m or less per month will pay lower PAYE tax under the Bills while those earning the new minimum wage and slightly more will be fully exempted,” Oyedele explained. “These thresholds will result in over 90 per cent of workers in the public and private sectors paying lower taxes while high-income earners will pay slightly more in a progressive manner, up to 25 per cent for the ultra-high net worth individuals.”
Chinese stocks had their best year since COVID
Chinese stocks are having their first good year since COVID-19, and they might do even better if Beijing continues to offer support.
The main Chinese stock market measure, called the CSI 300 Index, has gone up by nearly 17% since the end of 2023. This breaks a record-setting three-year streak of losses. Chinese companies listed on Hong Kong’s stock market have done even better, rising 27% — their biggest yearly gain since 2009. To put this in perspective, the broader Asian stock market index has only gone up 8% in 2024.
Chinese stocks are finally bouncing back after several difficult years where they performed worse than other Asian markets. This poor performance had caused many investors who once strongly favoured Chinese stocks to become doubtful about them. Now, there’s growing hope for Chinese markets as Beijing has launched one of its most ambitious plans in recent history to revive the country’s economy.
Commercial aviation had its deadliest year since 2018
Air travel has seen its highest number of deaths since 2018, following crashes at Jeju Air Co. in South Korea and the recent Azerbaijan Airlines incident.
According to data from Cirium, 318 passengers have died in plane crashes this year. The last time the number was this high was in 2018, when over 500 people died, including those lost in the first Boeing 737 Max crash.
The tragedies this year happened during landings in Japan and South Korea, with crashes occurring at both the beginning and end of the year. While landing is known to be one of the riskiest parts of any flight, it’s important to note that deadly aeroplane accidents are still extremely uncommon. However, just one major crash can quickly change a year’s safety record from good to tragic.
Read Also: Over 100 dead after South Korean jet crash-lands at airport
There’s an arrest warrant for South Korea’s President Yoon
South Korea’s impeached President Yoon Suk Yeol now faces potential arrest. According to investigators, a court has approved an arrest warrant related to his declaration of martial law during his presidency.
The arrest warrant came after Yoon repeatedly missed meetings with investigators. The Corruption Investigation Office for High-ranking Officials, which is handling the case, says Yoon failed to show up three times when called in for questioning. The investigation team requested the warrant on Monday in response to these missed appearances.
Jimmy Carter’s funeral ceremonies will begin this Saturday
Former President Jimmy Carter, who died on Sunday at age 100, will be honoured with a state funeral at the Washington National Cathedral on January 9th, according to the U.S. Army.
President Biden will deliver the eulogy, something Carter had personally requested last year. Biden has declared January 9th as a national day of mourning throughout the United States.
The six-day state funeral ceremonies will begin this Saturday with a special journey through Carter’s hometown of Plains, Georgia. The funeral motorcade will make a meaningful stop at his childhood farm, where the National Park Service will ring the historic farm bell 39 times to honour his service as America’s 39th President.
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