The Anambra State Internal Revenue Service has held its maiden tax summit to educate residents of the state and the wider Nigerian public on the new tax law passed by the National Assembly and scheduled to take effect in 2026.
The summit was organized to create awareness on the provisions of the law, promote understanding of compliance requirements, and guide taxpayers on how to avoid violations. The initiative was also aimed at addressing concerns and misconceptions surrounding the new tax regime.
Speaking at the event, the Executive Chairman of AIRS, Dr. Greg Ezeilo, said the summit was designed to reduce apprehension about the law by encouraging voluntary compliance rather than punitive enforcement. He explained that while the law contains sanctions for non-compliance, it also reflects the realities of Nigerians by exempting low-income earners and allowing small businesses within defined thresholds to operate without tax burdens.
In a presentation focused on the informal sector, the Senior Special Assistant to the Governor on Internal Revenue Service (Technical), Hon. Kate Oyeka, stated that businesses operating informally but generating significant profits would no longer evade taxation. She noted that technology would be deployed to ensure full compliance with the new law.
A tax expert, Mr. Chijioke Uwaegbute, in his lecture on the provisions of the new tax law, explained that individuals and businesses earning between eight hundred thousand naira and one point three million naira after allowable deductions are exempt from tax. He added that companies earning between fifty million naira and one hundred million naira after deductions also fall within the exemption bracket, advising individuals and business owners to seek professional tax guidance due to changes introduced by the law.
Also speaking, the Managing Director of the Anambra State Signage and Advertisement Agency, Mr. Odili Ujubuonu, observed that taxpayers are more inclined to comply when they are properly informed and can see the impact of their contributions. He described the new tax law as beneficial, particularly for low-income earners who are either exempted or required to pay less.
The summit featured a panel discussion where participants engaged experts on various aspects of the tax law, asked questions, and received clarifications, while awards were also presented during the event.
