The financial effects of Nigeria's new tax regime on small and medium businesses: prospects and challenges

Authors

  • H. B. Asiyanbi Federal College of Education (Special) Oyo, Nigeria
  • O. A. Fadahunsi Lead Consultant, XEMC Ltd (Financial Consultants/Trainers) Victoria Island, Lagos State, Nigeria,
  • T.A. Osinuga University of Hull, United Kingdom
  • O. A. Raji Crescent University, Abeokuta. Ogun state, Nigeria

DOI:

https://doi.org/10.58934/jgeb.v6i20.308

Keywords:

Tax Regime, Small Businesses, Economic Growth, Tax Compliance

Abstract

The new tax regime introduced in Nigeria in 2023 seeks to boost revenue generation and stimulate economic growth. Despite its objectives, the financial implications for small businesses remain unclear. This study investigates the impact of the new tax policies on small businesses in Nigeria, employing a mixed-methods approach. Findings reveal a combination of positive and negative outcomes, including higher tax burdens, diminished profitability, and enhanced tax compliance.

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Published

2025-01-01

How to Cite

Asiyanbi, H. B. ., Fadahunsi, O. A. ., Osinuga, T. ., & Raji, O. A. . (2025). The financial effects of Nigeria’s new tax regime on small and medium businesses: prospects and challenges. Journal of Global Economics and Business, 6(20), 39–51. https://doi.org/10.58934/jgeb.v6i20.308

Issue

Vol. 6 No. 20 (2025): January 2025

Section

Articles