NEWSBUSINESSES, BEWARE: THIS NEW TAX RULE HITS HARD

Nigeria’s new Tax Act taking effect on January 1, 2026 is rewriting the rulebook, and the penalties are tougher than ever. From multi-million-naira fines to jail terms for offences ranging from assaulting tax officers to failing to file returns, the era of lax compliance is officially over.

Virtual asset providers, SMEs, large corporations, and individuals all face stricter scrutiny: late registration, poor record-keeping, ignoring notices, obstructing officers, misusing stamps, or failing to remit deductions now come with heavy financial and criminal consequences.

This reform is not just about enforcement — it is about modernising Nigeria’s tax administration and pushing full digital compliance.

Bottom line: If you run a business, big or small, now is the time to get your books, systems, and filings in order. The penalties are not just steep, they are unforgiving.