𝐍𝐢𝐠𝐞𝐫𝐢𝐚’𝐬 𝐓𝐚𝐱 𝐑𝐞𝐟𝐨𝐫𝐦 𝐋𝐚𝐰𝐬 𝐇𝐚𝐯𝐞 𝐁𝐞𝐞𝐧 𝐏𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐎𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐆𝐚𝐳𝐞𝐭𝐭𝐞

Enacted on 26 June 2025, the new tax laws are, the –

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 highlights include:

𝑯𝒊𝒈𝒉 𝒆𝒙𝒆𝒎𝒑𝒕𝒊𝒐𝒏 𝒕𝒉𝒓𝒆𝒔𝒉𝒐𝒍𝒅 𝒇𝒐𝒓 𝒔𝒎𝒂𝒍𝒍 𝒄𝒐𝒎𝒑𝒂𝒏𝒊𝒆𝒔 – 0% tax for a small company, defined under the NTAA as having an annual turnover not exceeding N100m with a total fixed assets less than N250m.

𝑳𝒐𝒘𝒆𝒓 𝒄𝒐𝒓𝒑𝒐𝒓𝒂𝒕𝒆 𝒕𝒂𝒙 𝒓𝒂𝒕𝒆 𝒇𝒐𝒓 𝒍𝒂𝒓𝒈𝒆 𝒄𝒐𝒎𝒑𝒂𝒏𝒊𝒆𝒔 – Provisions to enable the reduction of tax rate from 30% to 25% for large companies effective from a date as may be determined in an Order by the President on the advice of the National Economic Council.

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

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

𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝒐𝒇 𝒕𝒂𝒙𝒆𝒔 𝒊𝒏 𝑵𝒂𝒊𝒓𝒂 – Option to pay taxes on foreign currency transactions in Naira at the prevailing exchange rate in the official foreign exchange market.

𝑪𝒐𝒎𝒎𝒆𝒏𝒄𝒆𝒎𝒆𝒏𝒕 – 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.

Download copies of the laws here: https://fiscalreforms.ng/index.php/2025/09/06/the-official-gazette-2025-nigeria-tax-reform-acts/