Small and medium-sized businesses stand to gain significantly from Nigeria’s new tax reform, which exempts enterprises with an annual turnover of ₦100 million or less.
This is provided they maintain proper bookkeeping and financial records, experts have said.
The insight came during a one-day tax seminar organized by the Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) in collaboration with the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN).
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The seminar drew business owners, professionals, and stakeholders from across the state and was designed to empower entrepreneurs, promote voluntary tax compliance, and stimulate economic growth.
Speaking at the event in Ilorin, lead facilitator Professor Godwin Oyedokun of the University of Ibadan explained that the new tax framework was intended to reduce the financial burden on small businesses and enable them to thrive.
“The reform provides relief for businesses with annual turnovers of ₦100 million or less, but success depends on proper record-keeping and compliance with tax regulations,” Oyedokun said.
“A person paying ₦32,000 in tax in December 2025 now pays nothing in January 2026. Meanwhile, someone earning ₦1.2 million who used to pay ₦148,000, is now paying ₦40,000. To say the federal government hasn’t made efforts just doesn’t add up,” he said.
Dr. Anjorin Yimisola of the Federal Polytechnic, Offa, stressed that tax literacy and accurate financial management are crucial for business sustainability.
She emphasised the importance of “tax compliance, proper record keeping and improved tax literacy as tools for business sustainability”.
Other facilitators, including Abdullahi Gegele of the Kwara State Internal Revenue Service and Ayedun Olayemi of the Federal Inland Revenue Service, highlighted the importance of collaboration between tax authorities and entrepreneurs.
They guided participants on compliance requirements and outlined incentives designed to reduce operational costs for SMEs.
Participants described the seminar as enlightening, noting that such platforms help business owners navigate tax reforms effectively and maximize opportunities for growth.
Organizers said the seminar is part of ongoing efforts to strengthen SMEs, encourage voluntary tax compliance, and enhance economic growth across the state.
They thanked KWACCIMA and its partners for creating a platform that connects small businesses directly with tax experts and regulatory authorities.
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