Tax Reform: FG unveils new personal income tax calculator

As Nigeria moves forward with its 2024 tax reforms, a new Personal Income Tax Calculator has been introduced to help taxpayers understand how the proposed changes will affect their earnings. This was shared by Taiwo Oyedele, the chairman of the presidential fiscal policy and tax reforms committee.

The calculator provides a side-by-side comparison of tax payments under the current law and the proposed tax bill, giving individuals a clearer picture of their financial obligations.

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With the new tax bill expected to increase compliance and streamline the tax system, this tool allows Nigerians to estimate their potential tax liability based on their annual income.

To check how much tax you may owe, scan the QR code or visit https://fiscalreforms.ng/index.php/pit-calculator/.

Key Considerations

The tax payable may be lower if an individual has tax-deductible contributions, such as pension funds or National Housing Fund (NHF) contributions.

The calculator offers a quick and easy way to assess the financial impact of the tax reforms.

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This initiative is part of the government’s effort to increase transparency and taxpayer awareness, ensuring that Nigerians can plan their finances accordingly as the new tax structure takes effect.