President Tinubu of Nigeria signs New Tax Laws in Latest Reform Push

Nigerian President Bola Tinubu has signed four new tax laws to reform the economy and boost government revenue as a share of GDP. The laws will reduce taxes for low-income households and small businesses, while making the wealthy and larger companies pay more, and offer a 20% rebate on annual rent. The government aims to increase the tax share of GDP to 18% by 2030 and will give businesses a three-month window to adjust to the changes before implementation begins. Nigerian President Bola Tinubu has signed four new tax laws, marking the latest chapter in his push to reform the economy of Africa’s most populous nation. The new rules, which overhaul some levies that date back to Nigeria’s colonial era, are designed to boost government revenue as a share of gross domestic product from levels that rank it among the lowest in the world. They will reduce taxes for low-income households and small businesses while making the wealthy and larger companies pay more. The bills are the mo...