The Presidential Fiscal Policy and Tax Reforms Committee has dismissed as false a viral video alleging that new tax laws will take effect in 2027 and impose a 25 per cent levy on funds designated for building materials and other transactions.
In a statement, the committee clarified that the Nigeria Tax Act 2025 has already come into force and contains no provision introducing a 25 per cent tax on construction funds, bank balances, or routine business expenses in Nigeria.
The committee urged the public to disregard the misleading video and rely on verified information regarding the country’s ongoing fiscal and tax reform measures.
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