New Tax Regime to Support Workers and Small Businesses

Joseph Tegbe, the Chairman of the Nation Tax Policy Implementation Committee (NTPIC), announced a new tax regime designed to alleviate financial burdens on workers and small businesses in Nigeria. Speaking at the BusinessDay Tax Reform Conference 2026, Tegbe emphasized that the reforms aim to simplify the tax process and promote fairness, thereby supporting economic expansion.

Key components of the reform include the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service Establishment Act 2025, and the Joint Revenue Board Nigeria Establishment Act 2025. The new structure will exempt individuals earning below 800,000 annually from personal income tax, while small businesses with annual revenues below 100 million and assets not exceeding 250 million will also be exempt from corporate income tax.

Additionally, nano enterprises earning below 12 million annually will not require personal income tax. Tegbe highlighted the importance of maintaining proper documentation and compliance for those within the exempt threshold.

The reforms aim to strengthen institutional coordination among key agencies and enhance transparency in tax administration.