LCCI Commends Tax Reforms As Tools For Boosting Business Growth

The Lagos Chamber of Commerce and Industry (LCCI) recently hosted its 2026 Economic Outlook, which featured a session on the implementation of the new tax system and its implications for business and investment by the Presidential Committee on Fiscal Policy and Tax Reforms.

Participants at the session commended the Federal Government for the bold reforms aimed at addressing long-standing fiscal and tax barriers to investment and business growth.

Key provisions of the new tax laws highlighted as enablers of competitiveness, poverty reduction, and sustainable development include: tax exemption for low-income earners and small businesses;

planned reduction of Company Income Tax from 30% to 25%; and expanded VAT input credits for businesses.

Other areas are removal of VAT on basic consumption items and introduction of economic development incentives for priority sectors.

The chamber called for clearer transition rules and continued stakeholder engagement and enlightenment to address concerns and ensure smooth implementation of the reforms.