๐๐ก๐๐ฆ๐๐๐ซ๐ฌ ๐จ๐ ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ ๐๐๐ฎ๐ ๐๐๐ฑ ๐๐๐๐จ๐ซ๐ฆ๐ฌ ๐๐ข๐ฆ๐๐ ๐๐ญ ๐๐จ๐จ๐ฌ๐ญ๐ข๐ง๐ ๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐๐ง๐๐ฌ๐ฌ ๐๐ง๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐ซ๐จ๐ฐ๐ญ๐ก
By Trek Africa Newspaper
The Lagos Chamber of Commerce and Industry (LCCI) recently hosted its 2026 Economic Outlook, which featured a session on the implementation of the new tax system and its implications for business and investment by the Presidential Committee on Fiscal Policy and Tax Reforms.
Participants at the session commended the Federal Government for the bold reforms aimed at addressing long-standing fiscal and tax barriers to investment and business growth.
Key provisions of the new tax laws highlighted as enablers of competitiveness, poverty reduction, and sustainable development include:
โข Tax exemption for low-income earners and small businesses
โข Planned reduction of Company Income Tax from 30% to 25%
โข Expanded VAT input credits for businesses
โข Removal of VAT on basic consumption items
โข Introduction of economic development incentives for priority sectors
The Chamber called for clearer transition rules and continued stakeholder engagement and enlightenment to address concerns and ensure smooth implementation of the reforms.
Watch the full session here:
