New Late Tax Payment Penalties Take Effect October 1

 Corporate taxpayers face stricter consequences for overdue tax liabilities as a new statutory interest regime under the Nigeria Revenue Service (NRS) takes effect on October 1, 2026.

 The new regime is expected to increase pressure on corporate finance and tax teams to review outstanding obligations and settle overdue liabilities promptly to avoid additional interest charges.

 Businesses should therefore assess their current tax positions, identify any unpaid or outstanding amounts, and ensure that relevant payments and compliance actions are completed before the new regime takes effect.