The Federal Government says it is working on a system that will provide tax relief to 95 per cent of small businesses in the informal sector of the economy.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, TAIWO OYEDELE said this at the closing session of the committee in Abuja.

According to him, this would be achieved through the exemption of businesses earning 25 million naira a year or less from the various taxes hindering their progress over time.

OYEDELE said the new reforms being proposed would focus on the top 5 per cent of that sector, the middle class, and the elite for taxes.