THE NEW TAX REFORMS: TAX IMPLICATIONS AND INCENTIVES FOR SME’S
Small and Medium-Sized Enterprises (SMEs) remain a vital part of Nigeria’s economy. They employ millions of people, support local communities, and contribute meaningfully to national economic growth. SMEs are often the most affected when tax laws are complex, unclear, or costly to comply with.
Recently, Nigeria introduced a major reform of its tax system through a new and consolidated tax law framework that took effect in January 01, 2026. This reform marks a significant shift in how taxes are administered in the country. Government authorities, business owners, professional advisers, and investors are all closely watching how these changes will influence the business environment, particularly for SMEs, which make up the largest number of businesses in Nigeria.
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