CALABAR: The Chairman of the Cross River Internal Revenue Service (CRIRS), Mr Edwin Okon, has urged residents to embrace the state’s new tax law, describing it as “fair and people-focused.”
Okon, speaking with journalists in Calabar on Monday, said the tax reform would reduce multiple taxation and ensure that higher earners contribute more while low-income earners pay little or nothing.
“Workers earning N800,000 or below are exempt from personal income tax. Employers deducting taxes from such workers are violating the law and should be reported,” he warned.
Luxury vehicle owners, classified as high-net-worth individuals, will pay higher taxes under the new law. Okon added that tax revenue is critical for government projects and improving citizens’ quality of life.
He dismissed claims that banks would deduct 75% of depositors’ money, explaining that taxes are being harmonised into nine categories nationwide to reduce confusion.
A new point-of-loading system for transporters will replace multiple road levies.
Okon assured taxpayers of full transparency, noting that all payments will go directly into government accounts.
