The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Small and Medium Enterprises will pay less tax in January 2026 when the new tax law takes effect.
Oyedele said this while speaking at the 24th annual conference of Women in Management, Business, and Public Service, which is ongoing at the Eko Hotel, Victoria Island, Lagos.
Answering the question about the amount of taxes SMEs will be paying during a fireside chat titled ‘The New Tax Law and You,’ Oyedele said the tax reforms are people-centric and not designed to burden Nigerians.
He said, “So the reforms are people-centric. They focus on efficiency and growth, and you see how we’ve translated each of these into the letters of the new tax law.”
Addressing the tax payable by SMEs, he said, “ So, from January next year, you will pay less tax. I will give you the examples. So, currently, you’re earning 30, 40k. You pay tax. But from next year, it will be newly introduced.
“From next year, minimum wage earners will not pay tax. Above minimum wage, up to 500,000 per month, will not pay any tax. Because they’re exempted from KYE.
“Then, for the current minimum wage earners, above two million, you see slight increases. Some of them will be N2,000, maybe N 3,000.”
(Punch)
