Financial Q&A: Your Questions Answered
Search our comprehensive knowledge base or submit your own question. We provide clear, practical answers to real financial questions from Nigerian entrepreneurs.
General Tax Questions
Showing 2 of 2 results
How does the Mandatory E-Invoicing, introduced in the new law works?
Based on the Nigeria Tax Administration Act 2025 and the rollout by the Nigeria Revenue Service (NRS) (formerly FIRS), mandatory e-invoicing is the new standard for 2026. If your business earns over ₦100 million, you are now required to move away from paper or simple PDF invoices to a "Pre-Clearance" digital model. Here is exactly how it works:
How will the new tax reforms impact small and medium enterprises in Nigeria?
Based on the Nigeria Tax Act 2025 (signed into law in June 2025 and effective January 1, 2026), the "Small" and "Medium" enterprises are now split. The new reforms create a sharp divide. Small businesses (turnover ≤ ₦100 million) are the biggest winners, effectively becoming tax-exempt. Medium businesses (turnover > ₦100 million) face a challenging tax hike as the "medium" category has been abolished, pushing them into the standard corporate tax bracket.