Nigeria’s tax reform laws, enacted on 26 June 2025, have now been published in the Official Gazette, paving the way for phased implementation beginning in 2026.

The new legislations are:

  1. Nigeria Tax Act, 2025 (NTA)

  2. Nigeria Tax Administration Act, 2025 (NTAA)

  3. Nigeria Revenue Service (Establishment) Act, 2025 (NRSEA)

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

Key provisions include:

  • Exemption for small businesses: Companies with annual turnover not exceeding ₦100m and fixed assets below ₦250m will be exempt from corporate tax.

  • Reduced corporate tax rate: The rate for large companies may fall from 30% to 25%, subject to a presidential order based on advice from the National Economic Council.

  • High thresholds for top-up tax: Exemptions apply to local firms with revenue below ₦50bn and multinationals earning less than €750m.

  • Incentives for priority sectors: A 5% annual tax credit for investments in eligible economic development projects.

  • Tax payment flexibility: Firms may settle taxes on foreign currency transactions in Naira at the prevailing official exchange rate.

  • https://x.com/taiwoyedele/status/1965178900645880278

The NTA and NTAA will take effect from 1 January 2026, while the NRSEA and JRBEA became operational on 26 June 2025 to prepare institutions for full rollout.

The Federal Government says the reforms are designed to simplify compliance, broaden the tax base, and support growth in priority sectors.

Copies of the laws are available online at: http://bit.ly/NewTaxReformActs.