- The proposed tax bill replaces the Consolidated Relief Allowance (CRA) with a 6-tiered graduated tax scale.
- Individuals earning under N1.45 million monthly generally see tax reductions.
- High earners (over N50 million annually) face a 25% top-tier rate, increasing their effective tax burden.
- Key sections (28, 30, 56, 58) define new deduction rules and chargeable income.
- 'Bracket creep' is a significant risk as inflation-adjusted salary increases may push earners into higher tax tiers.
- Taxpayers are advised to maximize statutory deductions like pension and life insurance to mitigate the loss of the CRA.