Tax Law Changes Impact Business Compliance

Under Nigeria's 2025 Tax Act, Section 21(p) requires businesses to link transactional taxes with profit taxes. This statutory rule mandates that unpaid VAT or import duties on expenses make those costs non-deductible for income tax.

The government's enforcement mechanism ensures that any business expense without paid VAT or import duties cannot be deducted from taxable income. This cross-linking approach affects how companies manage their tax obligations.

A recent news report highlighted a political dispute involving Akande and Babachir over claims about Buhari's potential support for Osinbajo's presidential campaign. The report titled 'Your Story Is Pure Fiction' was published by THEWILL on October 17, 2026.