₦airaland Forum

The federal government has gazetted Nigeria’s new tax reform laws, with implementation set to begin on January 1, 2026.

Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, announced this in a post on X on Monday.

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 Revenue Board (Establishment) Act, 2025 (JRBEA).

“Nigeria’s tax reform laws have been published in the official gazette,” the post reads.

Outlining key provisions of the tax laws, Oyedele said the reforms introduce a zero percent tax rate for small companies — defined as businesses with annual turnover not exceeding N100 million and fixed assets below N250 million.

He added that the corporate tax rate for large companies will be reduced from 30 percent to 25 percent, with the commencement date to be set by the president on the advice of the national economic council (NEC).


“𝑯𝒊𝒈𝒉 𝒕𝒉𝒓𝒆𝒔𝒉𝒐𝒍𝒅𝒔 𝒇𝒐𝒓 𝒕𝒐𝒑-𝒖𝒑 𝒕𝒂𝒙 – Exemption threshold of N50b revenue for local firms and €750m equivalents for multinationals,” Oyedele said.


“𝑬𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒅𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕 𝒊𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆 – Tax credit at the rate of 5% per annum for eligible priority sector investments.”

The chairman added that taxpayers will have the option of paying taxes on foreign currency transactions in naira, using the prevailing exchange rate in the official foreign exchange (FX) market.

“The NTA and NTAA will commence on 1st January 2026 while the NRSEA and JRBEA have a commencement date of 26 June 2025 to ensure readiness of the relevant institutions ahead of full implementation in 2026,” he said.

“Download copies of the laws here: /NewTaxReformAc.”

On June 26, President Bola Tinubu signed the four tax reform bills into law.

Wale Edun, minister of finance and coordinating minister of the economy, had said the new tax laws will improve business growth, and boost the purchasing power of Nigerians.

Islie:
https://www.thecable.ng/fg-gazettes-tax-reform-laws-implementation-to-begin-january-2026/

GadoosGadoo:
I don't know what this is about but it can't be of any good to average person

jaxxy:
I repeat the problem for Nigerians isn't paying Taxes but paying taxes only for it to be mismaged and looted by corrupt politicians who don't think they owe the citizens any accountability will be diabolical and create new consequences of shocking proportions.

Nigerian cannot pay taxes and INEC who is paid from our taxes riggs elections against sane taxes paying Nigerians to favour criminal politicians.

Local government councils can't take tax payers monies and go on shopping sprees and buying houses for girlfriends.

There has to be a equivalent responsibility and consequences of mismanagement of taxes by government to taxpayers.

surgical:
You can not tax your way to prosperity ,the earlier this government know this the better for them
Taxes are fiscal instruments the government uses to attend to particular issues at some time, not something that can cure all ailments, it should have timing and what is going on in the economy
This is not the time for government to overwhelmed the citizens with tax,it will have negative effect and will be counter productive
The government is fixated on the obligation of citizens to pay tax, but conveniently ignoring the corresponding obligation of the government to use the Taxes responsibility in a manner that will impact the lives of tax payers positively, just like it is done is advance countries where they copy taxation from

Islie:
Wale Edun, minister of finance and coordinating minister of the economy, had said the new tax laws will improve business growth, and boost the purchasing power of Nigerians.

thisweekng:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”
Private sector to drive the economy

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

Deefirm:
Taiwo the man, now you've put into practice all you were teaching in Wyse Associate...well done man!

Itzlinda:
Nigerians should demand capital punishment for all looters of public fund.

With the culture of corruption of almost legalised, if that's not addressed it will be huge opportunity for politicians to become billionaires in dollars

franchasng:
This is the problem.

Its not about taxing Nigerians.....the crude oil wealth you guys have been selling....the numerous taxes you have been collecting from firms and businesses....what have the government of Nigeria used them to do for them to start another round of strict taxation and compliance?



It all points to one man's desperate desire to impoverish already struggling Nigerians and Nigerian businesses.


What a man called Tinubu!! This man can't be God's plan for Nigeria.....not possible....this must be from the underworld

jojo1415:
"On ur mandate we stand people" how market?....Apc laptop boys oya come and defend ur pay master!!! We all r in for it.2027 election is btw Tinubu and the North.😂