Nigeria Implements New Tax Law Targeting Individuals and Businesses

The Nigerian government has initiated the implementation of a new tax law starting January 1, 2026, under the leadership of Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reform. The law targets seven categories of individuals and businesses, including regular income earners, companies, foreign entities operating in Nigeria, and individuals profiting from asset sales.

The objective is to enhance revenue generation, provide clearer guidelines on tax obligations, and reduce penalties for non-compliance. The law emphasizes the importance of tax compliance to correct misconceptions and ensure a fair tax system in Nigeria.