Understanding Nigeria’s 2026 tax reforms has become increasingly critical for maritime agents seeking to control operating costs while remaining fully compliant with the law.

With the introduction of a unified and more stringent tax framework, strategic tax planning is no longer optional but essential. Agents who fail to adapt risk higher costs, penalties, and operational disruptions, while those who plan effectively can protect margins and even gain a competitive advantage.

Below are nine practical approaches maritime agents can adopt to strengthen their financial position under the new tax regime, writes ANOZIE EGOLE

Since the announcement of the new tax regime by the administration of President Bola Tinubu, anxiety has spread across the business community. Individuals, small enterprises, and large corporations alike have been reassessing their tax exposure and searching for legitimate ways to manage their obligations without falling foul of the law. The maritime sector, a key pillar of Nigeria’s trade and logistics ecosystem, has not been spared from these concerns.

The 2026 tax regime is anchored in the Nigeria Tax Act 2025 and related legislation, most of which took effect from 1 January. It represents one of the most comprehensive overhauls of Nigeria’s tax architecture in decades. The reforms are designed to simplify compliance, modernise tax administration, broaden the tax base, and significantly improve government revenue generation at a time of mounting fiscal pressure.

Under the new framework, several previously standalone tax laws — including the Companies Income Tax Act, Personal Income Tax Act, Value Added Tax Act, Capital Gains Tax Act, and Stamp Duties Act — have been consolidated into a single, modernised tax code. This harmonised structure applies to both residents and non-residents, reducing fragmentation while tightening compliance requirements.

Nigeria has historically recorded one of the lowest tax-to-gross domestic product ratios globally, indicating that tax revenues have not kept pace with economic activity. As a result, the reforms aim to widen the tax net, eliminate duplication and ambiguity in tax laws, encourage voluntary compliance, incentivise business formalisation, and align Nigeria’s tax system with global best practices. In the long term, these changes are intended to support fiscal sustainability, economic growth, and reduced dependence on oil revenue.

Licensed maritime agents — including customs clearing agents, freight forwarders, and shipping intermediaries — operate at the intersection of trade, logistics, and regulation. As such, they are directly affected by the new tax regime and must adopt smarter, more deliberate strategies to manage their tax exposure efficiently. Below are nine key approaches that can help maritime agents reduce unnecessary tax costs while remaining compliant.

Maximise tax incentives and credits

One of the most effective ways maritime agents can reduce tax liabilities is by fully utilising available incentives and credits under the 2026 tax framework. This requires awareness of applicable incentives, proper documentation, and proactive tax planning. Capital allowances on qualifying assets — such as office equipment, vehicles, and technology infrastructure — should be correctly claimed to reduce taxable profits.

In addition, agents should ensure that input VAT credits are fully utilised to offset VAT liabilities. Under the reformed tax system, failure to claim eligible VAT credits can result in higher cash outflows and reduced working capital. Agents should also monitor newly introduced economic development incentives designed to encourage investment, digitalisation, and formalisation. When used correctly, these incentives directly reduce tax payable and lower overall operating costs for both agents and their clients.

Accurate income and expense classification

Proper categorisation of income and expenses is fundamental to accurate tax reporting and audit preparedness. In the new compliance environment, weak accounting systems increase the risk of misclassification, leading to higher tax assessments, penalties, or prolonged audits.

Maritime agents should implement clear accounting structures that distinguish between capital and operating expenses, as only allowable business expenses reduce taxable income. They should also guide clients on how payments are labelled and documented, ensuring that every transaction is clearly defined. With the increasing use of digital invoicing and electronic filing under the 2026 regime, maintaining clean, audit-ready records has become both a compliance requirement and a cost-saving measure.

Effective withholding tax management

Withholding tax remains one of the most misunderstood areas of Nigeria’s tax system, often resulting in avoidable financial losses. Agents should ensure that clients properly collect, retain, and reconcile withholding tax credit notes where tax deductions have been made at source.

Failure to claim withholding tax credits effectively results in double taxation, as businesses end up paying the same tax twice. Proper management of withholding tax credits improves cash flow, reduces net tax liabilities, and strengthens compliance. Agents who actively track and reconcile these credits add tangible financial value to their clients’ operations.

Adopt tax-efficient compensation structures

Payroll-related taxes can represent a significant cost for maritime agencies, particularly those with growing staff strength. Tax-efficient compensation planning allows businesses to legally structure employee benefits in ways that minimise tax exposure while maintaining competitiveness.

Where permitted under the law, benefits such as transport allowances, meal vouchers, or housing-related support can be structured as non-cash benefits. This reduces payroll tax liabilities while improving employee satisfaction and retention. For directors and senior management, carefully structured remuneration packages can also help manage personal income tax exposure without increasing overall compensation costs.

Automate compliance processes

The 2026 tax regime places greater emphasis on digital compliance, making automation a critical cost-management tool. By adopting software systems that integrate tax calculations, electronic filing, record-keeping, and documentation, maritime agents can significantly reduce errors and administrative overhead.

Automation lowers labour costs associated with manual compliance, shortens turnaround times for filings, and reduces exposure to penalties arising from late or inaccurate submissions. It also improves audit readiness by ensuring that records are consistently maintained in the required digital formats. Over time, these efficiencies translate into measurable cost savings and reduced compliance risk.

Strategically time income and asset disposals

The timing of income recognition and asset disposal can have a substantial impact on tax liabilities. Under the 2026 regime, careful planning around when income is earned, or assets are sold, can help agents and their clients minimise exposure to higher tax rates, particularly in relation to capital gains tax.

Agents can work with clients to defer income, stagger large transactions, or schedule asset disposals during periods of lower taxable income. This approach helps smooth tax obligations, reduces peak-year tax burdens, and improves cash flow management, especially as capital gains tax rates are expected to rise.

Maintain robust documentation

In a stricter compliance environment, strong documentation is one of the most powerful tools for cost control. Every transaction should be traceable, verifiable, and supported by appropriate records. Accurate documentation reduces the risk of penalties, interest charges, and tax reassessments during audits.

Good record-keeping also shortens audit timelines and minimises disputes with tax authorities, saving both time and money. For maritime agents operating in a highly regulated sector, disciplined documentation is not just a regulatory requirement but a critical financial safeguard.

Educate clients on compliance requirements

Well-informed clients are less likely to make costly compliance errors that ultimately affect agents. Maritime agents should take an active role in educating clients about their tax obligations, filing deadlines, and documentation requirements under the new regime.

Regular updates on regulatory changes and practical guidance on compliance reduce the need for corrective filings, minimise penalties, and lower administrative rework. Over time, improved client awareness translates into smoother operations and lower indirect costs for agents.



Leverage professional networks and government programmes

Professional networks and government-led initiatives play an increasingly important role in the evolving tax landscape. By engaging with professional associations, regulatory bodies, and peer networks, maritime agents can stay ahead of policy changes, incentive schemes, and compliance best practices.

Many elements of the tax reforms are designed to simplify compliance and reduce inefficiencies in tax collection. Early engagement allows agents to benefit from these improvements while avoiding last-minute adjustments that often increase costs. Proactive participation also enhances credibility and operational efficiency.

Conclusion

Reducing tax costs in Nigeria’s 2026 tax environment is not about evasion but about informed, strategic, and lawful compliance. For maritime agents, success under the new regime depends on maximising available incentives, structuring operations efficiently, embracing digital tools, maintaining strong documentation, educating clients, and staying connected to professional and regulatory developments. By adopting these measures, licensed agents can protect their businesses, eliminate unnecessary expenses, and position themselves to thrive within Nigeria’s evolving tax system.