Big changes are coming to how people in Nigeria pay taxes, especially on money they earn from other countries. Before now, it was easy to hide foreign income because the government didn’t have strong ways to check it. But that’s about to change.
New tax rules will start in 2026. These rules will help the government see where money comes from, even if it's earned in another country. The goal is to make sure everyone pays the right amount of tax, no matter where their money comes from.
This is important for a lot of people; like freelancers who get paid in dollars, small business owners who get money online, or workers in Nigeria who work for companies in other countries.
So, what’s changing? And what can you do now to get ready? Here’s what you need to know so you don’t get caught off guard.
1. Foreign Inflows Are No Longer Invisible
If you use platforms like Payoneer, Grey, Wise and other international payments platforms, to get paid, and your account is linked to your Nigerian bank or BVN, your money is now visible to the government.
Thanks to new systems, the Federal Inland Revenue Service (FIRS) and the Central Bank of Nigeria (CBN) can now see more transaction data than ever before.
So the question you should be asking is not if they’ll find out about your foreign income, it’s when.
And more importantly, will you be ready when they do?
2. Your Foreign Employer May Already Be Reporting You
Nigeria is part of global tax agreements that help countries share tax information. One of them is called the Automatic Exchange of Information (AEOI).
What this means is:
If you’re working for a company in the U.S., U.K., or Europe, your employer might already be reporting your income to the Nigerian government, even if they don’t tell you.
You might not get a warning. But when the tax office reaches out, you’ll need to explain where your money came from.
3. A New Tax Bill Is On Deck
The upcoming Nigeria Tax Bill (Ease of Doing Business) is meant to make taxes easier and simpler to pay.
Here’s what the bill promises:
- Fewer, combined taxes instead of many confusing ones
- Online tax filing and reporting
- Clearer rules that are easier to follow
For small businesses, freelancers, and digital creators, this means less stress and more clarity.
4. A New Tax Body Is On Ground: Nigeria Revenue Service (NRS)
The current tax agency (FIRS) will be replaced by a new body called the Nigeria Revenue Service (NRS).
This new agency will:
- Collect both tax and non-tax revenue
- Work with both federal and state governments
- Help stop double taxation (where people pay tax on the same income twice)
For you, this could mean a more organized and fair tax system, if it’s done right.
5. Justice Is Finally Being Built In
One of the best updates is this, where there will now be places to go when things feel unfair.
These include:
- A Tax Appeal Tribunal: where you can fight wrong tax bills
- A Tax Ombudsman: to hear complaints and help solve problems
So instead of “come back later,” you’ll have real ways to ask questions and get justice.
So, what this means for you in a quick briefing is that:
Small businesses may face fewer taxes and easier systems
Local salary earners might feel less pressure
Remote workers and freelancers need to plan ahead
If you earn money from abroad, you’ll need to be ready to:
- Show where your money came from
- Explain what it was used for
- Prove if tax was paid or not
Well, I can tell it is not something to panic about, but it is something to prepare for.
And with Balancc, Here’s how we help you prepare for the new rules:
See all your income, both local and foreign, in one place
Keep business and personal money separate
Keep clean records so you’re ready for any tax check
Go from “last-minute” to being financially prepared, before 2026