Tax expert Prince Adebolu Ayodele Samuel on Friday led a comprehensive tax enlightenment workshop for Igbo traders in Ekiti State, aimed at simplifying the provisions of Nigeria’s Tax Reform Act 2025 and easing compliance for small and medium-scale businesses.
The workshop, held at Igbo Church, Oke-Ila, Ado-Ekiti, was at the instance of Incorporated Igbo Traders Association Ekiti State anchored by Ayodele and Ayoade Professional Services in collaboration with the Ekiti State Internal Revenue Service. It focused on educating traders on tax obligations, rights, and responsibilities under the new law while clarifying areas that have reduced tax burdens and streamlined payment processes.
Speaking on the theme “Tax Obligations, Responsibilities, Compliance, Sanctions and Tax Agents’ Engagement for Business Growth and Development,” Prince Adebolu explained that the 2025 Tax Act harmonised numerous former taxes, eliminated duplications, and protected small businesses with limited turnover from excessive charges. He stressed that proper understanding of the law would help traders avoid penalties and position their businesses for sustainable growth.
Prince Adebolu, a former Director at the Nigeria Revenue Service and Managing Partner of Ayodele and Ayoade Professional Services, urged traders to embrace voluntary compliance, obtain their Tax Identification Numbers, and file accurate annual returns, noting that even exempted businesses are required to make statutory declarations.
Also speaking, Mr Emmanuel Akinleye, Head of PAYE at the Ekiti State Revenue Service, advised participants to file their annual tax returns on or before March 31. He explained that the new reform had simplified tax procedures and significantly reduced compliance stress for traders and artisans.
In his presentation, Ambassador Oluwasegun Ogunsanya, Head of Direct Assessment, broke down key components of the tax system, including personal income tax, allowable deductions, reliefs, and sanctions for non-compliance. He cautioned traders against relying on unverified social media information and encouraged them to seek guidance from certified tax professionals.
Participants at the workshop commended the resource persons for simplifying complex tax concepts and pledged to apply the knowledge gained to their businesses.
Prince Adebolu announced that follow-up sessions would be organised in the coming months to further strengthen understanding and promote a transparent, business-friendly tax culture across Ekiti State.