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Posted: 2025-06-27 14:16:21 UTC
This article contains some claims that remain unverified. While much of the content may be accurate, exercise care when relying on this information.
This article contains some claims that remain unverified. While much of the content may be accurate, exercise care when relying on this information.
Status
Last Updated
2025-06-27 14:16:39 UTC
Verified By
Rollup News
President Tinubu signed new tax bills into law, offering tax breaks for small businesses and low-income earners, while increasing scrutiny on remote workers' foreign income. The new laws aim to simplify tax collection and provide avenues for appeal.
Tax exemption for businesses earning ₦50 million or less annually.
Tax exemption for individuals earning ₦83k/month (₦1m/year) or less.
Tax-free status for the first ₦50 million of termination benefits.
VAT exemption on basic food items, baby products, school fees, electricity, and hospital bills.
Increased scrutiny and tax obligations for remote workers earning foreign income.
Simplification of tax collection and establishment of a Tax Appeal Tribunal and Tax Ombudsman.
Remote workers must now declare foreign income and pay taxes.
Potential tracking of foreign income through linked BVN or Nigerian bank accounts.
Need for preparation and adaptation to the new tax laws by 2026.