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Here are some of the major contributions made by Nigerian youth;
??The loudest concern was in the reduction of VAT from 7.5% to 5% or 3.5% citing that over 70% of the nations population are young people still trying to find their bearing in life.
A linked concern is the situation of multiple taxation, where citizens pay multiple tax like VAT and consumption tax on the same product or service.
??Companies receiving the development tax incentive should use the development incentive to implement development programs for the youths in the host communities.
I think adopting the model of the Host Community Development Trust Fund found in Chapter 3 of the 2021 Petroleum Industry Act will aid the implementation of this recommendation.
??There was a concern on the implementation of the 200,000naira rent relief or 20% annual rent paid with a suggestion to stick to either the fixed amount or fixed percentage with easy implementation. This can be found under Part VII Ascertainment of total income of an individual, 30 (VI).
??There was a question on the exemption of value added tax from sanitary products (under healthcare products) which is catered for in Chapter 8; Tax incentives, Part IV,
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??There was a confirmation in the increase of first 800,000 at 0% to 1,000,000 at 0% for the first taxable income under section 58 of the fourth schedule on Individual income tax rates.
??The whispering concerns were around the transparency and accountability of tax payer money with varying suggestions on the need to create adhoc youth groups e.g youth tax committee to promote transparency.
??Most of the delegates were in support of the proposed sharing formula by the president, other concerns highlighted were the effect of taxation in investor relations and the exclusion of startups from high and multiple taxation.
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