Financial experts have explained that Nigeria’s newly introduced tax laws are designed to ease the burden on low-income earners, support small businesses, and improve overall tax compliance across the country.
Speaking with our Business Correspondent, Uwakmfon-Abasi Walter, accountant and tax expert, Olalekan Ayinde, said the reforms are aimed at simplifying the tax system while reducing pressure on low-income earners. He noted that under the new framework, many salary earners will either pay less tax or be fully exempted, while small business owners are expected to benefit from reduced tax obligations and the elimination of multiple levies.
According to Ayinde, the reforms are also targeted at encouraging voluntary compliance and supporting the growth of small and medium-sized enterprises, which are critical to the nation’s economic development.
On her part, chartered accountant and tax strategist, Ekpono Joseph Edem, highlighted key changes taxpayers should pay close attention to, including proper registration, accurate record-keeping, and timely filing of tax returns. She stressed the need for individuals and businesses to familiarise themselves with the new requirements, particularly the increased use of digital tax platforms, to avoid penalties.
Edem advised taxpayers to seek professional guidance where necessary and begin making adjustments early to remain compliant under the new tax regime.
Recall that the Federal Government has announced that the new tax law will take effect from January 1, 2026.