No More Tax for Small Businesses Earning Below ₦50M
Here's everything you need to know about the new reform tax laws in Nigeria and how it affects you or your businesses.
No More Tax for Small Businesses Earning Below ₦50M
Last week, President Bola Ahmed Tinubu enacted four (4) tax reform bills into law in Nigeria. The tax reforms have been viewed from different perspectives by different individuals and businesses. However, this article will explain what the taxes mean to small and medium businesses, corporate organization, and salary earners. For Small and Medium Businesses The Tinubu Tax reforms have changed the way small businesses in Nigeria pay taxes; businesses that earn less than ₦50 million per year (approximately $32k at the time of writing) will now be paying less the amount corporate organization are paying for taxes. These taxes reforms have certainly given small businesses. The exemption from paying corporate income tax is a substantial increase from the previous threshold. More so, withholding tax will no longer apply to transactions under ₦2 million ($1,300) if the business's TIN is valid and active. Furthermore, the practice of physical cash tax collection has been abolished. These chang…
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