FG PUBLISHES NEW TAX REFORM LAWS
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BY OWOLABI OLUWADARA
The Federal Government has released Nigeria’s new tax reform legislation in the official gazette subsequent to President Bola Tinubu’s approval on June 26.
The declaration was included in a statement endorsed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.
The reforms introduce four pieces of legislation: 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 specified, “Small enterprises with revenues below ₦100 million and assets under ₦250 million are exempt from corporate tax.
“The corporate tax rate for larger companies may be reduced from 30% to 25% at the discretion of the President.
“The top-up tax thresholds: ₦50 billion (domestic firms) and €750 million (multinational corporations).
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“A 5% annual tax incentive has been introduced for qualifying priority-sector projects.
“Firms conducting transactions in foreign currency may now remit taxes in naira at the official exchange rates. ”
The Nigeria Tax Act and the Nigeria Tax Administration Act will commence on January 1, 2026, whereas the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective on June 26.
“These reforms are designed to simplify Nigeria’s taxation framework, assist small enterprises, attract investment, and enhance fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify revenues beyond oil,” the statement concluded.
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