The Lagos Chapter of NNEW (NECA’s Network of Entrepreneurial Women) hosted a vital session on Zoom on Tuesday, January 13, 2026, unpacking Nigeria’s new tax reforms. The spotlight was on Oluyemisi, a Fellow of ICAN and CITN with deep expertise in auditing and taxation.
Key Highlights on Tax Compliance
Oluyemisi broke down the reforms effective January 1, 2026, driven by the Nigerian Revenue Service (NRS) with enhanced enforcement via data matching, digital verification, and audits. Businesses must prepare for transaction-driven scrutiny—no more manual leniency.
SME Essentials: Register for a unique tax ID. Maintain digital records for turnover, sales/expenses, payroll, VAT, and withholding taxes. Use accounting software;
reconstruct records if needed.
PAYE & Staff Rules: Deduct/remit PAYE to employees’ state of residence. Structure allowances as in-kind benefits (e.g., meals) to minimize tax.
Special Cases:
Foreign Income/FX: Document all (e.g., consulting fees); pay taxes even if exempt elsewhere.
Rental Income: Disclose fully; claim up to 20% rent relief with receipts (max N500,000)
Ajo/Thrift & Family Support: Use dedicated accounts; declare purposes to tax office for transparency.
Agribusiness: New ventures get 5-year exemption—check eligibility.
She stressed internal controls, compliance calendars, and clear bank narrations to defend against audits.
Minimum tax is gone for most (except big multinationals), but Capstone Gains and VAT rules tightened.
Oluyemisi shared practical tools like checklists and calendars (forthcoming via secretariat) and fielded Q&A on real scenarios, empowering attendees for compliant,
audit-proof operations.