The Finance Act 2026 has introduced several key changes that aim to simplify tax compliance and improve revenue collection. In this article, we'll break down the most important updates you need to be aware of.

1. New Personal Income Tax Bands

The PAYE tax bands have been adjusted to reflect current economic realities. The tax-exempt threshold has been maintained, but the bands for taxable income have been widened.

2. Revised VAT Filing Process

Small businesses now have a simplified VAT filing process. If your annual turnover is below the new threshold, you may be eligible for reduced filing requirements.

"These changes are designed to reduce the administrative burden on SMEs while ensuring fair contribution to national development."

3. Digital Asset Taxation

Clarifications on the taxation of digital assets, including cryptocurrencies and NFTs, have been provided. Gains from the disposal of digital assets are now explicitly chargeable under the Capital Gains Tax Act.

Conclusion

Staying compliant is easier when you understand the rules. Use our updated calculators to see how these changes affect you specifically.