FEDERAL GOVERNMENT ISSUES GUIDELINES ON NEW TAX REGIME TRANSITION
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By; Ganiyat Sunmola
The Federal Government has issued guidelines to facilitate Nigeria’s transition to a new tax regime.
The guidelines, released on Thursday by the Ministry of Finance, are intended to provide direction for taxpayers, revenue agencies, tax consultants, and other stakeholders during the transition period.
According to the government, the framework clarifies key aspects of implementing the new tax laws, including existing tax obligations, ongoing audits, pending disputes, tax incentives, and transactions that may overlap between the old and new systems.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the guidelines were developed to ensure a seamless transition without creating uncertainty for taxpayers or tax authorities.
He explained that the framework is anchored on three core principles: clarity, fairness, and administrative certainty.
Oyedele noted that tax liabilities relating to periods before January 1, 2026, will continue to be governed by the existing tax laws.
He added that audits, investigations, disputes, and enforcement actions covering the pre-2026 period will also be handled under the repealed legal framework.
According to him, tax returns for accounting periods ending before January 2026 will still be filed under the current laws, while returns due from January 1, 2026, onward will fall under the new tax structure.
He further stated that the Tax Acts 2025 comprise four major laws under Nigeria’s tax reform agenda: the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act.
The guidelines also confirm that all existing tax exemptions and incentives granted under repealed laws will remain valid until their expiry dates, offering continuity for businesses operating under prior approvals.
However, pending applications and new requests for incentives will now be assessed under the provisions of the Tax Acts 2025.
The framework also outlines provisions covering income taxes, transaction taxes, development levies, and record-keeping requirements throughout the transition period.
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