Union Bank Explains Impact of Nigeria's 2026 Tax Reforms

Union Bank has provided insights into Nigeria's 2026 tax reforms, highlighting the significant changes in the country's tax framework. The reforms affect salary earners, investors, and business owners, with clear winners and losers emerging.

Individuals earning less than 800,000 naira annually will pay zero personal income tax and zero capital gains tax. The tax progress rate will increase for those earning above this threshold.

Notably, there are changes in capital gains tax for retail investors, with a new tiered system replacing the old flat rate. Companies will now pay a flat 30% tax rate.