The Abuja Chamber of Commerce and Industry (ACCI) has urged businesses to collaborate closely with tax professionals to comply with Nigeria’s new tax reforms and avoid unnecessary offences.

ACCI president, Emeka Obegolu, made the call during a news conference in Abuja on Tuesday, noting that inadequate tax knowledge could expose businesses to avoidable penalties.

He stressed that business owners should engage qualified tax consultants and engage constructively with tax authorities to seek clarity on reforms, comply with existing laws, and prevent operational disruptions.

Mr Obegolu said such engagement ensured smooth implementation and compliance and reduced the risk of disputes, emphasising that ignorance of tax obligations could result in sanctions.

“The chamber is ready to serve as a bridge between government and the business community to ensure tax reforms support economic growth and ease of doing business,” he said.

He encouraged early expert guidance for businesses, noting that compliance strengthened trust, promoted economic stability, and reduced legal risks for operators.

According to ACCI, collaboration rather than confrontation is the most effective way to improve revenue generation without stifling enterprise growth or innovation.

Mr Obegolu described taxation as highly technical, adding that the new law did not impose additional financial burdens but eliminated multiple taxation, benefiting tax-literate businesses.

He noted that taxation was Nigeria’s next major revenue source and urged businesses to understand their partnership with the government while holding authorities accountable for tax utilisation.

The ACCI president also called on tax operators to adopt transparency, fairness, and consistency in administering the reforms.

He said the Nigerian Tax Reform Acts of 2025, signed into law by President Bola Tinubu on June 26, 2025, represented the most comprehensive overhaul of the country’s tax system in decades and take effect in January 2026.

Mr Obegolu said ACCI had outlined an ambitious 2026 programme focusing on growth, innovation, and economic resilience, including the National Livestock Conference and Exhibition, the Renewable Energy Conference, and international trainings in Canada, Rwanda, and Egypt.

He added that planned initiatives, such as the 21st Abuja International Trade Fair and women-in-business summits, reflected ACCI’s commitment to enterprise development, policy compliance, technology adoption, and sustainable national growth. 

(NAN)