OPS Raises Concerns Over New Tax Laws' Impact on Investment Climate

The Organised Private Sector (OPS) in Nigeria has raised concerns about the new tax laws, fearing they may not effectively end multiple taxation, impacting the investment climate. The OPS leaders emphasized the need for taxpayers to register, obtain ID files, and file annual returns by January 1, 2026, when the new tax regime takes effect.

The tax laws include changes to the Nigeria Tax Act, Tax Administration Act, Revenue Service Act, and Joint Revenue Board Act. Stakeholders worry about increased corporate Capital Gains Tax rates and compliance burdens on businesses.

The Chartered Institute of Directors Nigeria, Nigeria British Chamber of Commerce, and Lagos Chamber of Commerce and Industry expressed these concerns at a forum on Emerging Tax Matters.