The new Nigerian Tax Act, which comes into effect on January 1, 2026, has been hailed as containing reforms capable of transforming the nation’s economy, promoting equity among the populace, improving the financial capabilities of low and medium class workers while substantially bridging Nigeria’s age-long infrastructural gap.
To enforce compliance and effective implementation, some guidelines, including penalties for flouting the laws, have been put in place. Some of the penalties have been outlined below.
N50,000 for the first month of default and N25,000 for each subsequent month Failure to file returns VAT Returns.
N100,000 in the first month in which the failure occurs and N50,000 for each subsequent month Failure to keep books.