New Tax Regime to Support Workers and Small Businesses

Joseph Tegbe, the Chairman of the National Tax Policy Implementation Committee (NTPIC), emphasized that Nigeria's new tax regime is designed to alleviate the financial burden on workers and small businesses while strengthening the country's fiscal stability and economic competitiveness. Speaking at the BusinessDay Tax Reform Conference 2026, Tegbe outlined that the reforms aim to simplify the tax process and promote fairness.

Key legislative frameworks supporting these reforms 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 provide targeted relief for individuals and small enterprises, with individuals earning below ₦800,000 annually exempt from personal income tax.

Additionally, companies with annual revenues below ₦100 million and assets not exceeding ₦250 million will also be exempt from corporate income tax. Tegbe stressed the importance of maintaining proper documentation and compliance for those within the exempt threshold.

The reforms aim to create a tax structure that supports enterprise development and encourages investment.