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Tax is no longer just a ‘finance problem’—in 2026, it is a boardroom priority. A Tax Compliance Risk Assessment helps you identify gaps before the NRS finds them. Under the new 2026 governance rules, directors can be held personally liable for ‘willful neglect’ in tax matters.
How to Conduct Your Assessment
- The Data Match: Compare your total bank inflows against your VAT returns. Any gap larger than 5% is a high-risk flag.
- Vendor Check: Audit your vendor list. Are they all tax-registered? Paying an unregistered vendor can cost you ₦5 million in fines.
- Employee Profiles: Ensure PAYE matches the new ₦800k tax-free threshold.
Create a Tax Risk Register to track these areas monthly. For a deeper look at potential fines, see 2026 Tax Penalties. Visit KPMG Nigeria for enterprise-level risk frameworks.”