Condia Insider: How Nigeria’s new tax law will affect you
- President Tinubu signed four major tax reform bills to overhaul Nigeria's tax system.
- The reforms include modernizing VAT with real-time e-invoicing and zero-rating essential goods.
- Small businesses with a turnover of up to ₦50 million are exempt from Company Income Tax.
The tax reforms introduced by President Tinubu represent a significant step towards modernizing Nigeria's tax system and could potentially enhance the country's attractiveness to investors. However, the success of these reforms will heavily depend on their effective implementation and the government's ability to ensure compliance among taxpayers. Ongoing monitoring and adjustments may be necessary to address any challenges that arise.
