New tax regime: Tenants to receive 20% relief on N500,000 annual rent –CITN

From Isaac Anumihe , Abuja
Chartered Institute of Taxation (CITN) has thrown its weight behind the new tax regime, saying that it affords 20 per cent annual rent paid capped at N500.000.
Speaking at the tax awareness campaign in Abuja, President of CITN, Innocent Ohagwa, added that essential goods and services such as food, education, healthcare, electricity transmission and non-oil exports have been granted zero-rated value added tax (VAT) treatment, reducing household burdens and supporting economic activity.
Besides, compensation for loss of employment or personal injury now enjoys higher exemption thresholds, alluring stronger financial protection. For businesses, especially...