|
Listen now
Getting your Trinity Audio player ready...
|
The Federal Government has published Nigeria’s new tax reform laws in the official gazette following President Bola Tinubu’s assent on June 26.
The announcement was contained in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.
The reforms introduce four legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
The gazette stated, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.
“Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.
“Top-up tax thresholds: ₦50bn (local firms) and €750m (multinationals).
“5% annual tax credit introduced for eligible priority-sector projects.
“Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
The Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective from June 26.
“These reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify revenue away from oil,” the statement concluded.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
