- New tax regulations increase rates for foreign investors and ease the burden on domestic taxpayers.
- Reforms aim to align Nigeria’s tax system with modern economic realities and boost revenue.
Abuja, Nigeria – Nigeria’s tax system is getting a major shake-up, with foreign investors facing steeper withholding taxes while local players enjoy significant relief. Under new regulations effective January 1, domestic investors will see their tax rates slashed to as low as 5% for professional services and 2% for goods and construction, down from 10%. Meanwhile, foreign bond and stock investors will grapple with a hefty 15% rate, underscoring the Federal Inland Revenue Service’s push to recalibrate the country’s fiscal priorities.
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