The reality of the new Tax law

[Olotu20]

I received a mail from my financial service provider today and that, was when the reality got done on me concerning the new tax reform law which takes effect from the first of January this year.





Key Features of the 2026 Tax Law includes Unified  and Simplified Tax Frame work instead of multiple separate laws for different taxes, the reforms create a single, modern tax code for businesses and individuals.
Personal Income Tax Changes under the new regime , from the 1 of January 2026 ₦800,000 of annual income is tax free but any amount above that threshold is taxable.

This is a table of the new tax that has taken effect from the first of January

Tax Rate
0–800,000
0%
800,001–3,000,000
15%
3,000,001–12,000,000
18%
12,000,001–25,000,000
21%
25,000,001–50,000,000
23%
Above 50,000,000
25%
According to the government this so called new reform in the tax laws of the country is designed to give relief to low and middle income earners.It's important that, you understand the category you belongs to and start adjusting your financial planning for the new deductions such as rent, payment of duties and essential materials and even food stuffs online. Ensure you’re registered with a Tax Identification Number TIN, Update accounting tax systems especially digital reporting and review your tax strategy with professionals anticipate changes in corporate liabilities and incentives.

[Charles-Tim]

You do not understand what the stamp duty is? What your Microfinance bank sent you is different from the capital gain tax, there is a thread about the stamp duty tax already on this local board:

No stamp duty deduction from receivers anymore but from sender

It is totally different from the 15 to 25% tax on the capital gain tax but both started on January 1st of 2026.

[Solodoski]

You do not understand what the stamp duty is? What your Microfinance bank sent you is different from the capital gain tax, there is a thread about the stamp duty tax already on this local board:

No stamp duty deduction from receivers anymore but from sender

It is totally different from the 15 to 25% tax on the capital gain tax but both started on January 1st of 2026.

You are totally correct, the 50 naira stamp duty was usually collected from the receiver on an amount of 10,000 naira and upward, but that has been changed now, and the charges is been deducted from the sender rather than charging the receiver for it.
This has nothing to do with the tax, this is all on the banking system. We will still get tax of capital gains.

[Eze BTC]

You do not understand what the stamp duty is? What your Microfinance bank sent you is different from the capital gain tax, there is a thread about the stamp duty tax already on this local board:

No stamp duty deduction from receivers anymore but from sender

It is totally different from the 15 to 25% tax on the capital gain tax but both started on January 1st of 2026.

Exactly. Thanks for seeing what I was wondering while reading his post. In as much as the new Tax Act covers alot, the most talked about, what will be tax, I mean what the Government has been explaining about the new Tax Act is above 800,000k annual income after deduction of allowable expenses and the non taxable first 800,000k.

Stamp duty on the other hand is a type of taxation paid on stamping of documents that conveys properties, shares etc. For instance, when one buys land in Nigeria, there's a document that conveys the property known as Deed of Assignment. This Deed of Assignment, the law requires it to be stamped as one of the three ways to perfect (the three ways to perfect it are 1. Seeking Governor's Consent, 2. Stamping, and 3. Registration). While stamping, the money you pay for stamping is what is known as stamp duties. It can be fixed, or ad volerem. When it's fixed, it means there's a fixed percentage to be paid on that transaction. When it's paid ad volerem, it is not fixed but paid according to the total value of the entire property. Stamp Duty is paid on transfer of properties like lands, shares etc. and it's different from tax placed on income.