Savings in Bank Accounts Won’t be Taxed, Only Profits, Clarifies NRS Boss
Savings in Bank Accounts Won’t be Taxed, Only Profits, Clarifies NRS Boss
The NRS Chairman, Dr. Zacch Adedeji has clarified that the government will not tax the principal sums saved in bank accounts.
The focus remains on taxing profits and income, not the actual money individuals have deposited.
This move aims to prevent double taxation, as savings are already considered post-tax income.
The policy ensures that personal capital remains untouched by new fiscal reforms.
Only interest earned on savings or business profits will be subject to tax.
This approach protects the poor and ensures that small-scale savers are not burdened by the new regulations.
The reforms are designed to be “pro-poor” by targeting high-net-worth individuals and corporate earnings.
This strategy seeks to boost productivity while maintaining a fair tax system for all Nigerians.
