This is Clarion Newschannel TV with a game-changing update on the nation’s finances.
Starting 1st January 2026, the new tax reform laws will roll out 50 exemptions and reliefs designed to put more money back in the pockets of low-income earners, everyday taxpayers, and small businesses.
Here’s the breakdown:
PERSONAL INCOME TAX & PAYE
Minimum wage earners – fully exempt.
Anyone earning up to ₦1.2 million annually (about ₦800,000 taxable) – zero tax.
Reduced PAYE rates for incomes up to ₦20 million.
Gifts – tax-free.
DEDUCTIONS & RELIEFS FOR INDIVIDUALS
5–10. Pension, NHIS, NHF contributions, mortgage interest, life insurance, and up to ₦500,000 rent relief – all deductible.
PENSIONS & GRATUITIES
11–13. Retirement benefits, pensions, and job-loss compensation up to ₦50 million – exempt.
CAPITAL GAINS TAX
14–19. Owner-occupied homes, personal items up to ₦5 million, two private cars per year, small share gains, and reinvested proceeds – no CGT.
COMPANIES INCOME TAX
20–25. Small firms (turnover ≤₦100m, assets ≤₦250m) pay 0% CIT. Startups get full exemption. Agri-businesses enjoy a 5-year tax holiday. Employers get 50% extra deductions for wage hikes and new hires retained for 3+ years.
DEVELOPMENT LEVY & WITHHOLDING TAX
26–28. Small companies, manufacturers, and agric firms – exempt from 4% levy and WHT deductions.
VALUE ADDED TAX (VAT)
29–45. Zero VAT on basic food, education, healthcare, baby products, sanitary pads, shared transport, electric vehicles, and agric inputs. Full exemption for rent, land, and small businesses under ₦100 million turnover.
STAMP DUTIES
46–50. Electronic transfers under ₦10,000, salaries, intra-bank moves, and share transfers – no stamp duty.
These reforms aim to boost disposable income, support small businesses, and stimulate growth in agriculture, manufacturing, and startups.
CALL TO ACTION:
The Presidential Fiscal Policy & Tax Reforms Committee is urging Nigerians to share this accurate information. Misinformation spreads fast—accurate facts empower everyone.
NOMINATE AN INFLUENCER:
Tag or mention a content creator educating (or who should educate) followers on these reforms. Top 20 nominees get special training to deliver balanced tax updates.
Nomination link: forms.gle/15kyv1ffx7tzTL…
Deadline: 9th November 2025.
Stay informed. Stay empowered.
This is Clarion Newschannel TV—Influencing for Good.
50 TAX BREAKS TO EASE LIFE FOR MILLIONS AS NEW REFORMS KICK IN JANUARY 2026
