Small and medium-sized enterprises (SMEs) have the opportunity to experience significant benefits from Nigeria's new tax reform, which exempts businesses with an annual turnover of ₦100 million or below.
This exemption is contingent on the maintenance of comprehensive bookkeeping and financial records, expert opinions indicate.
The information was shared during a one-day seminar focused on taxation, organized by the Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) in partnership with the Association of National Accountants of Nigeria (ANAN) and the Chartered Institute of Taxation of Nigeria (CITN).
The event attracted a variety of business proprietors, professionals, and stakeholders from the state, aimed at empowering entrepreneurs, fostering voluntary tax compliance, and stimulating economic growth.
Professor Godwin Oyedokun, the lead facilitator and a representative of the University of Ibadan, spoke at the seminar in Ilorin, outlining that the new tax structure aims to alleviate the financial pressures on small businesses and facilitate their growth.
He remarked, “The reform offers relief for businesses with annual income of ₦100 million or less; however, achieving success relies on precise record- keeping and adherence to tax regulations.”
Oyedokun provided an example: “An individual who paid ₦32,000 in taxes in December 2025 will now pay nothing beginning January 2026. Conversely, someone earning ₦1.2 million previously paying ₦148,000 will now only pay ₦40,000. It is inaccurate to claim that the federal government hasn't taken steps.”
Dr. Anjorin Yimisola from the Federal Polytechnic, Offa, emphasized that understanding taxation and proficient financial management are vital for the sustainability of businesses.
She highlighted the significance of “tax compliance, effective record-keeping, and heightened tax literacy as essential elements for the longevity of enterprises.”
Other speakers, including Abdullahi Gegele from the Kwara State Internal Revenue Service and Ayedun Olayemi from the Federal Inland Revenue Service, underscored the need for collaboration between tax authorities and business owners.
They provided insights into compliance requirements and detailed incentives aimed at lowering operational expenses for SMEs.
Attendees characterized the seminar as informative, indicating that such platforms are crucial for helping business owners navigate tax reforms and seize growth opportunities.
The organizers proclaimed that this seminar forms part of ongoing initiatives to empower SMEs, motivate voluntary tax compliance, and bolster economic growth within the state.
They expressed gratitude to KWACCIMA and its collaborators for establishing a forum that links small businesses directly with tax specialists and regulatory bodies.
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