AfriPulse
The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette, marking a major overhaul of the country’s fiscal framework
The publication was announced in a statement by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, via his X handle. It follows President Bola Tinubu’s assent on June 26, 2025, to four legislations forming the core of the reforms.
The new laws are:
Nigeria Tax Act (NTA), 2025
Nigeria Tax Administration Act (NTAA), 2025
Nigeria Revenue Service (Establishment) Act (NRSEA), 2025
Joint Revenue Board (Establishment) Act (JRBEA), 2025
The reforms introduce a new foundation for taxation, administration, and revenue collection.
Key provisions include:
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Exemption of small businesses with turnover under ₦100 million and assets below ₦250 million from corporate tax.
Reduction of the corporate tax rate for large firms from 30% to 25%, at the President’s discretion.
Top-up tax thresholds set at ₦50 billion for local firms and €750 million for multinationals.
A 5% annual tax credit for eligible priority-sector projects, particularly in agriculture.
Permission for companies transacting in foreign currency to pay taxes in naira at official exchange rates.
According to Yusuf, the NTA and NTAA will take effect on January 1, 2026, while the NRSEA and JRBEA will commence on June 26, 2025.
“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,” Yusuf said.
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Source: Goldmyne.tv | Read the Full Story…
