The laws on the tax reform of Nigeria published in the Official Gazette, says Taiwo Oyedele – Thage

By Victor Osula, Abuja

The president of the tax policy committee and presidential tax reforms, Taiwo Oyedele, announced the publication of the new laws on Nigeria’s tax reform in the Official Gazette.

“The laws on the tax reform of Nigeria were published in the Official Gazette,” said Oyedele on Monday in an X post.

President Bola Tinubu had, on June 26, had signed the four innovative tax reform invoices. They were approved by the National Assembly after large consultations with various groups of interest and interested parties.

Provided to transform the tax and revenue of Nigeria, the laws are the Nigeria Tax Act, 2025 (NTA); the Nigeria Tax Administration Act, 2025 (NTAA); The Nigeria Revenue Service (Establishment) Act, 2025 (NRSEA); and the joint law of revenue (factory), 2025 (Jrbea).

The Nigeria Tax Act (ease of doing business) consolidates the fragmented tax laws of Nigeria in a harmonized statute. By reducing the multiplicity of taxes and eliminating the duplication, the law will improve the ease of doing business, will reduce the charges of conformity of taxpayers and will create a more predictable tax environment.

The second, the Nigeria Tax Administration Act, establishes a uniform legal and operational framework for the tax administration through federal, state and local governments.

The law on Nigeria Revenue Service (ESTABLishment) repealed the current Act Federal Inland Revenue Service and has created a more autonomous national agency and led by performance: Nigeria Revenue Service (NRS). He defines the expanded mandate of the NRS, including the collection of revenue does not finish, and exposes the mechanisms of transparency, responsibility and efficiency.

The law conducted for revenue (establishment) provides for a formal governance structure to facilitate cooperation between the entrance authorities at all levels of government. It introduces essential supervision mechanisms, including the establishment of a tax appeal court and an office of the tax defender.

With the implementation that will begin on January 1, 2026, Oyedele, which highlighted the key provisions of the four tax laws, said that the reforms introduce a tax rate equal to zero percent for small companies, defined as companies with annual turnover not exceeding N100 million and fixed below N250 million.

He added that the rate of the tax on companies for large companies will be reduced from 30 percent to 25 percent, with the start date established by the president on the Council of the National Economic Council (NEC).

The key provisions also include “high threshold for the recharging-to-exemption tax-revenue tax for local companies and € 750 million equivalent for multinationals.

“Economic development incentives: tax credit at the rate of 5% per year for investments in the suitable priority sector”.

Oyedele said that taxpayers will have the opportunity to pay taxes on foreign currency transactions in Naira, using the prevalent exchange rate in the official change market (FX).

“The NTA and the NTAA will begin on January 1, 2026, while Nrsa and Jrbea have a start date of June 26, 2025 to guarantee the readiness of the relevant institutions in view of full implementation in 2026,” he said.

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