21/03/2026
ALL YOU NEED TO KNOW ABOUT THE NEW TAX LAWS AS A NIGERIAN
Too many Nigerian business owners are falling for myths about the new tax laws, one of the most common is the belief that altering the narration on bank transfers — for example, writing “gift” instead of “payment” — can shield business owners from tax obligations.
Unfortunately, this notion is entirely unfounded. Here is what the law actually provides, and the implications of this myth for your business:
• Tax liability is determined by income and business activity, not by narration fields.
• Transaction narrations serve record keeping purposes only; they do not influence tax assessment.
• The Federal Inland Revenue Service (FIRS) does not automatically deduct taxes based on transfer narrations.
• Misleading narrations may expose businesses to audit disputes and compliance challenges.
• Accurate reporting and proper documentation remain the only safe and lawful path.
• Attempts to evade obligations through narration changes do not absolve liability.
To set the record straight, we have invited to the channel my learned senior, Agbada S. Agbada Esq., a seasoned Tax Law Practitioner to provide expert insight into what the law truly says and how it directly impacts your business.
Click the link below to watch the full video on my YouTube channel: LEGALLY SPEAKING WITH BARR. TIMI — Keeping you Legally Conscious and Aware. Remember to like, share, and leave your comments in the comment section to join the conversation.
https://youtu.be/oskHkWnFkHw?si=B43tv7ol-Xbkk811