Nigeria’s new tax laws, set to take effect on January 1, 2026, represent a significant overhaul of the country’s fiscal framework.
These reforms, embodied in several new acts, including the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), and the Nigeria Revenue Service Act (NRSA), are designed to streamline the tax system, broaden the tax base, and promote economic growth and outlook of the nation.
Here are some of the highlights of the new tax laws: Consolidation and simplification he new tax laws repeal and consolidate multiple existing tax statutes, such as the Companies Income Tax Act, the Personal Income Tax Act, the Value Added Tax Act, and the Capital Gains Tax Act, into a single tax regime.
This strategy is aimed at reducing ambiguity, eradicate duplication and the age-long multiple tax crisis among different levels of government and misunderstanding.
It is also intended to make it easier for taxpayers to easily understand and comply with their tax obligations. Relief for individuals and small businesses.
Personal Income Tax: Workers earning less that N800,000 annually are now completely exempt from personal income tax.
