The article elaborates on the recent Tax Act that came into effect in January, particularly focusing on its implications for individuals and small-scale businesses in Nigeria. It emphasizes key components of the law, such as the concept of 'Significant Economic Presence' which relates to non-resident entities engaging in digital activities within Nigeria, indicating the government's push for taxing foreign businesses profiting from local consumers.

Additionally, the article discusses the tax treatment of digital or virtual assets, including cryptocurrencies, which are now subjected to taxation under the new regulations. This represents a significant shift in policy, suggesting a recognition of the growing impact of digital economies and the necessity of regulatory frameworks to capture revenue from these emerging sectors.

Lastly, the piece outlines the taxation structure for individuals, noting that income tax rates for personal earnings are defined in a specific schedule within the Act. It clarifies how employment income is determined, which encompasses various types of compensations. This comprehensive overview aims to better inform the public about their tax obligations under the new laws, ensuring compliance and awareness among taxpayers.