Tax reforms bill 2024

What does the tax reforms bill 2024 means for your money, finances and investment? You need to check some important details in this post.

In this blog, we care very much about your business, moneymoney, finances and prosperity. It is the same disposition on our sister website at Christian Personal Development blog.

Tax reforms bill 2024: How will this affect your financial well being

According to Investnaija.com , “Taxes affect everyone, but these reforms could change how much you get to keep.”

Does the following questions apply to you?:

• How will the tax reform bill 2024 affect your financial well being?
• Will it make you richer? Will it make you save more money?
• Will you be able to grow your wealth and asset portfolio?
• What effect will it have on business owners and individual employee?

Let us dive in to see.

Does taxes affect our income or profits?

Taxes do affect your Income or profits as a business. It is just like high interest rates (as we have it today in Nigeria), taxes have the strong tendency to affect positively or negatively every naira you earn, save, or invest.

However, with views of majority of experts (except for Governor Zulum of Borno state...laugh), the tax reform bill 2024, when passed will help you or your small business to keep more money.

When you keep or save more money, you have chance to invest more in dividends-yielding assets. When this happens, you have the chance to grow your wealth.

Some details of the 2024 tax reforms bill that affect your finances

Now, let us look at some details of the 2024 tax reforms bill that affect your finances:

There will be no income tax for anyone earning less than ₦800,000 annually. This implies more money for savings or investments! This is surely good news.

Every small business earning below ₦50 million are exempt from company income tax. This will create the room for growth in your business. That is another good news.

Some essentials commodities like food and healthcare will be VAT-free when the tax reform bill 2024 is passed. This will help you to focus your money on the most important things that will bring more money to you and your business.

Investment opportunities are available

As I have mentioned earlier in this post, when you are able to save more money, you will have the opportunity to invest in wealth-building assets.

Examples of investment opportunities are:

Government bonds

Government bonds are good example today. At about 17+ and 18+ percent per annum, this is a guaranteed, low-risk investment any day. And the good part is that it remains tax-free.

Company shares

Company shares are also good investment opportunities. Some companies on the Nigerian stock exchange are giving out good and regular dividends to shareholders today.

You need to consult and study wide to take informed decision on which company shares to invest in.

Related: According to Nairametrics, “In 2023, WAPCO stock closed at N31.50 per share, delivering a 31.25% year-to-date (YTD) return.

In 2024, WAPCO has surged to N70.15 per share as of closing on trading on December 3, 2023, reflecting an impressive 122.27% YTD gain and pushing its market capitalization to a N1 trillion mark.”

Investment in business

Investment in your business. You will also have the opportunity to commit more money to grow your business if you are a business owner or an entrepreneur.

I want to read your comment. Please share this post and also pray that the tax reform bill 2024 will eventually be passed by Nigerian laws makers.

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