The sceptre of the Tax Reforms is now hanging over the heads of millions of Nigerians like a Sword of Damocle as the implementation of a part of the tax law kicks in next week. Nigerians will begin paying a 7.5 percent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and…
China has introduced a new 13 per cent tax on contraceptive drugs and devices, including condoms and birth-control pills, as a move to reverse its falling birth rate. Childcare, marriage introduction services and elderly care have been exempted from tax, while childcare subsidies were also excluded from personal income tax. According to Reuters, the policy…
As Nigeria’s new tax reform reshapes Value Added Tax (VAT) policies, here’s what it really means for everyday citizens, entrepreneurs, and the cost of doing business. As of January 1, 2026, the new tax reform laws will take effect, and Nigerians may experience some financial relief. Although the tax reform has generated both positive and…
Wale Edun, Minister of Finance, Coordinating Economy The federal government has announced that the new tax regime will officially take effect in January 2026. This follows President Bola Ahmed Tinubu’s signing of four major tax reform bills into law on June 26, 2025. The four laws include the Nigeria Tax Act (NTA), Nigeria Tax Administration…
Nigeria has successfully collected over N600 billion in Value Added Tax (VAT) from international digital service providers, including Facebook, Amazon, and Netflix, following amendments to the VAT Act that brought non-resident companies into the country’s tax net. The Special Adviser on Tax Policy to the Chairman of the Tax Reforms Committee, Mr Mathew Osanekwu, disclosed…
