Samuel Agbeluyi
Susan Abayomi
Small and Medium Enterprises (SMEs) in Nigeria have been advised to rethink their business strategies and strengthen their tax planning in response to the country’s new tax regime.
The call was made by Agbeluyi, who stressed the need for business owners to understand the changes introduced by the new tax framework and adjust their operations accordingly.
The new tax regime is expected to reshape the way businesses manage taxation, compliance and financial planning, making it increasingly important for SMEs to adopt more structured approaches to their operations.
For small businesses, the reforms present both opportunities and challenges. While some provisions provide tax relief for qualifying small companies, businesses are also expected to pay closer attention to compliance, record-keeping and their overall financial structure.
Agbeluyi noted that SMEs should no longer approach taxation as an issue to be addressed only when government demands payment. Instead, tax considerations should form part of their broader business strategy, including budgeting, pricing, investment and expansion decisions.
The new framework has introduced measures aimed at simplifying tax administration and reducing the burden on smaller businesses. However, experts have also cautioned that businesses that fail to understand the new requirements could face compliance difficulties and penalties.
Agbeluyi therefore urged SME owners to review their existing business models, strengthen their financial records and seek appropriate professional guidance where necessary.
He said businesses that adapt early to the changing tax environment would be better positioned to remain compliant, manage costs effectively and take advantage of available incentives.
The development comes as the Federal Government continues to implement sweeping changes to Nigeria’s tax system, with the reforms designed to modernise tax administration, broaden the tax base and create a more efficient revenue system while supporting economic growth.
For SMEs, the emerging message is clear: understanding the new tax environment and incorporating it into business planning will be essential for long-term sustainability and growth.
