Tax Reform Bills: A Welcome and Transformational Shift
The newly introduced Tax Reform Bills mark a historic and long-anticipated breakthrough in Nigeria’s fiscal landscape. At Discovery Consulting, we see this as a welcome and transformative step toward building a simpler, fairer, and more inclusive tax system that supports sustainable growth and national development.
These reforms are massive and all-encompassing, addressing long-standing structural challenges across businesses, individuals, small enterprises, and subnational governments. With reforms ranging from corporate tax reductions and input VAT credits to tax holidays for start-ups, alongside PAYE and VAT exemptions for low-income earners, and enhanced VAT revenue sharing for states, this bill is a bold effort to simplify taxation and stimulate economic productivity.
The Tax Reform Bills not only promote fiscal transparency and digital efficiency, but also reduce multiple taxation, encourage formalization of small businesses, and support remote workers and the digital economy—a true reflection of a modern and adaptive tax system.
How Discovery Consulting Can Help You Navigate the Reforms
As experienced professionals in Audit & Assurance, Tax Services, Consulting, and Corporate Services, Discovery Consulting is well-equipped to guide you through the reform’s impact and help you adapt quickly and effectively. Here’s how we can assist:
- Tax Compliance & Planning: We interpret and apply the new PAYE, VAT, and Corporate Tax provisions to ensure full compliance while reducing your tax burden.
- SME Advisory: Small businesses can benefit from increased tax thresholds, exemptions, and simplified filing. We help you understand and utilize these incentives fully.
- Business Restructuring Support: With new tax-friendly restructuring provisions, we’ll help you optimize your business model for greater tax efficiency and legal compliance.
- Support for Government & Nonprofits: We assist MDAs, NGOs, and donor-funded projects in understanding VAT exemptions, tax planning, and fund utilization under the new legal framework.
- Guidance for Digital Workers & Remote Teams: From digital nomads to virtual teams, our consulting helps you stay compliant with the new tax laws tailored to modern, location-independent workforces.
Ready to dive deeper into the reforms?