In simple terms, the government is explaining how the old tax system and the new tax system will work together during this transition period.

One of the biggest questions many businesses have asked is:

“What happens to tax matters that started before the new laws came into effect?”

According to the new guidelines:

• Tax obligations relating to periods before January 1, 2026, will still be handled under the old tax laws.

• Ongoing tax audits that started under the previous tax regime will continue under those rules.

• Existing tax disputes and investigations will not automatically switch to the new laws.

• Previously approved tax incentives and exemptions will remain valid until they expire.

• Businesses and taxpayers are expected to maintain proper records throughout the transition period.

For freelancers, remote workers, consultants, and small business owners, the message is straightforward.

Nigeria’s tax system is becoming more structured and increasingly digital. As a result, keeping accurate records of your income, expenses, invoices, contracts, and receipts is becoming more important than ever.

Many people focus only on filing taxes when deadlines approach. However, compliance starts long before filing. It starts with being able to account for your financial activities when needed.

The new tax regime is designed to improve clarity, administration, and compliance across the country. Businesses that maintain good records and stay informed about tax changes will likely find it easier to adapt as the reforms continue to roll out.

What do you think about the new tax framework? Will it make compliance easier for freelancers and small businesses, or create new challenges?

For practical tax and compliance insights tailored to freelancers, remote workers, and business owners, follow @lessatax.ng on Instagram or https://lessatax.ng/

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