MatmaPlus Consult

Every new business year presents both opportunities and challenges.

The first week of PM Growth Zone's 2026 special sessions will review the business environment by diving into key insights on:

- *Economic and Business Outlook*: Get actionable perspectives on the economy and market shifts.
- *Jobs and Skills Outlook*: Prepare your team for the unfolding work dynamics.

*Date*:
Wed, 21st & Thurs, 22nd Jan, 2026

*Time*:
08:30pm - 10pm (WAT)

*Join Zoom Meeting*:
https://us06web.zoom.us/j/82393054287?pwd=mbXxYiP9PVEMbTm5qw40C2XrOd0Ecd.1

*Meeting ID*: 823 9305 4287

*Passcode*: 282262

Equip yourself with the insights to grow, lead, and deliver transformative impact.

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐍𝐢𝐠𝐞𝐫𝐢𝐚’𝐬 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐑𝐞𝐟𝐨𝐫𝐦𝐬 – 𝐌𝐚𝐭𝐦𝐚𝐏𝐥𝐮𝐬 𝐄𝐱𝐩𝐥𝐚𝐢𝐧𝐬....
Whether you agree or not with Nigeria’s new tax reforms, ignorance is not an excuse. 💡 Everyone has a responsibility to understand the rules, because not knowing them can have real consequences.

Knowing your tax obligations is important for several reasons. First, it helps you avoid penalties—failing to comply can lead to fines or legal issues. Second, it allows you to plan your finances better, helping you manage your income, expenses, and savings. Third, it enables you to make informed decisions for your business or personal life, knowing exactly what the law expects.

That’s why, in a series of posts, MatmaPlus will break down these reforms in simple, easy-to-understand terms. We’ll explain what they mean, how they affect you, and what steps you need to take.

Stay tuned and be informed—because knowledge is the first step to compliance and financial peace of mind. ✅

"The key to efficiency is doing things right. The key to effectiveness is doing the right things."
– Peter Drucker

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Public Notice For POS Operators.
Contact us for your CAC registration.

Management by Objectives (MBO)....
MBO is a management approach that focuses on setting specific objectives or goals for individuals, teams, and departments within an organization.
It aims to align employees’ efforts with the organization’s overall objectives, enhance performance, and promote employee engagement.
MBO involves a participatory process that encourages collaboration, goal setting, monitoring progress, and evaluating outcomes.

Term of the Day...

"Conspicuous Consumption"

Conspicuous consumption is the purchase of goods or services for the specific purpose of displaying one's wealth.

Conspicuous consumption is a means to show one's social status, especially when publicly displayed goods and services are too expensive for other members of a person's class.

This type of consumption is typically associated with the wealthy but can also apply to any economic class.

Source: Investopedia

Are you ready for the new tax law that will start applying in less than forty-five (45) days?

Even though the government has not done enough public awareness – and has focused more on a small segment of taxpayers – we must remember one thing: ignorance of the law will never be an excuse before the authorities.

It is now essential for our business people to start engaging professionals in order to understand these new rules and avoid falling into the hands of rogue tax officials when the laws fully take effect.

A lot of what we hear at the neighbourhood tea joint about the new tax law is simply not true. It is proper understanding of the law that will help us separate facts from rumours.

Let us be clear on a few points:

1. There is no tax on your capital, trading stock, or money simply sitting in your bank account.
2. Tax is on profit/income only.
3. We are the ones to calculate our own business results, determine our profit, and compute how much tax we ought to pay to government on that profit – this is called self-assessment.
4. Government will only come after us if the information it gathers suggests that there is doubt or inconsistency in the returns we filed.
5. Accurate records and proper documentation will be our protection in the event of any audit or investigation.
6. The law allows certain deductions and reliefs to be taken out of profit before tax is charged.
7. There are serious penalties and sanctions for those who fail to comply with these new provisions.

To protect yourself and your business, you need to improve the way you manage your financial affairs by:

1. Keeping proper and accurate records of all money coming in and going out of your business.
2. Keeping every document that supports your income and expenses (receipts, invoices, bank statements, contracts, etc.).
3. Filing your returns and paying your taxes to the relevant tax authorities within the time limits set by law.
4. Consulting qualified professionals to advise you on legitimate ways to reduce your tax liability and benefit from available incentives.

We must understand that these new laws contain several incentives designed to reduce the real burden of tax – but only those who know and understand them will benefit.

May God grant us success.

Adapted from a message by
Ado Mohammed Abubakar, FCA, FCTI

Did you know?

Nigeria's new tax laws introduce a 4% Development Levy on assessable profit. This levy replaces multiple sectoral levies, including:

- Tertiary Education Tax (TET)
- Information Technology Levy
- Police Trust Fund levy
- NASENI Levy

Key Features:

- Rate: 4% of assessable profits
- Applicability: Companies above the small company threshold (₦50m+ annual turnover & ₦250m+ total fixed assets)
- Exemptions: Small companies, non-resident companies

Did you know?
The new tax laws in Nigeria introduce provisions on the digital economy, including:

- Taxation of digital assets: Digital assets, cryptocurrencies, and non-fungible tokens (NFTs) are considered taxable property.

- Capital gains tax: Gains from trades or disposals of digital assets are subject to:
Individuals: 0-25% (depending on income bracket), Companies: 30% (CIT rate)

- Value Added Tax (VAT): Digital services are subject to VAT at 7.5%. Non-resident companies providing digital services to Nigerian customers may be required to register for VAT and charge VAT on their services.

- Taxation of foreign income: Foreign income earned by Nigerian residents is taxable, with possible tax credits for taxes paid in other countries.
- Digital platforms: Digital platforms may be required to collect and remit taxes on behalf of their users.

Did you know?

Effective 1st January 2026 Individuals earning below N800,000 annually are exempt from income tax. Those earning above this threshold will be taxed progressively, starting at 15% and rising to 25% for those making over N50 million per year.

Did you know?

Nigeria's new tax law introduces the Nigeria Revenue Service (NRS), replacing the Federal Inland Revenue Service (FIRS)!

NRS will have broader powers to collect tax and non-tax revenues, ensuring more efficient tax administration and revenue mobilization for national development.

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