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Tag: tax reform laws

  • Minority caucus report tax reform laws overtaken by events – Reps Deputy Spokesperson

    Minority caucus report tax reform laws overtaken by events – Reps Deputy Spokesperson

    The Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, on Saturday, said that the interim report by the Minority Caucus Ad-hoc Committee on alleged alterations in the Tax Reforms Acts has been overtaken by events, following the release of the Certified True Copies (CTCs) of the laws.

    According to the committee’s preliminary findings, a comparison of the Certified True Copies released by the House with the earlier gazetted versions confirmed that alterations had been made, particularly to the Nigeria Tax Administration Act, 2025.

    The committee’s report indicated that at least three different versions of the Nigeria Tax Administration Act were in circulation, while the directive to “align” the Acts with the Federal Government Printing Press pointed to “procedural anomalies” that illegally encroached on the legislative powers of the National Assembly.

    Agbese, while reacting to the report, argued that the leadership of the National Assembly had already taken decisive steps to address all concerns surrounding the discrepancies in the gazetted tax laws.

    Agbese said the House, under the leadership of the Speaker, Rt. Hon. Abbas Tajudeen, in collaboration with the President of the Senate, Senator Godswill Akpabio, had ensured the public release of the authentic versions of the four tax reform Acts as passed by the National Assembly and assented to by the President.

    According to him, the release of the Certified True Copies effectively resolved the issues raised over alleged alterations, restored public confidence and reaffirmed the independence and authority of the legislature.

    “The concerns raised regarding discrepancies in the tax laws have already been comprehensively addressed by the House leadership. With the release of the Certified True Copies of the Acts, there is now clarity as to what was passed by the National Assembly and signed into law,” Agbese said.

    He noted that the Speaker had also directed an internal verification process to ensure that only the authentic versions of the laws were in circulation, stressing that this action demonstrated the commitment of the House to transparency, due process and the protection of democratic institutions.

    Read Also: Tinubu’s intervention averted implosion in National Assembly – Reps deputy spokesperson

    Agbese added that the proactive steps taken jointly by the leadership of both chambers of the National Assembly showed that the legislature was united in safeguarding its constitutional role and preventing any erosion of its law-making powers.

    While acknowledging the right of lawmakers to raise concerns in the interest of accountability, the Deputy Spokesperson maintained that the corrective measures already implemented made further controversy unnecessary.

    “The House has acted swiftly and responsibly. The leadership did not wait for public pressure to mount before taking action. The release of the Certified Acts has settled the matter and ensured that Nigerians are guided only by the correct and lawful versions of the tax reforms,” he said.

    Agbese assured Nigerians that the House of Representatives would continue to work with the Senate and relevant institutions to strengthen legislative processes and prevent a recurrence of such issues in the future.

  • Tax Reform laws now in govt gazette

    Tax Reform laws now in govt gazette

    The Tax Reform Laws have been published in the Official Gazette, The Nation learnt last night.

    The publication by the Federal Government gave the four Tax Acts full legal effect, paving the way for their implementation.

    According to government officials, publication in the Official Gazette marks the stage where new laws, having passed through the legislative process and secured presidential assent, become legally binding and enforceable.

    The Gazette is the government’s authoritative medium for recording laws, regulations and notices, making them accessible to citizens, businesses, and institutions.

    “The publication of the tax reform laws in the Official Gazette means they are now legally binding, and ready for enforcement,” a government statement explained.

    “This provides formal recognition, ensures public access, and in many cases, sets the effective date for implementation.”

    The statement by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee noted that the new framework of tax legislation was enacted on June 26, 2025, and comprises four separate laws: 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).

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    Among the key provisions is a high exemption threshold for small companies, which will now be taxed at zero per cent.

    Under the NTAA, a small company is defined as one with an annual turnover not exceeding N100 million and total fixed assets below N250 million.

    The reforms also introduce a lower corporate tax rate for large companies, allowing a reduction from 30 percent to 25 percent once a commencement date is set by presidential order, based on the advice of the National Economic Council (NEC).

    Other measures include high thresholds for top-up tax, which set an exemption at N50 billion revenue for local firms and 750 million Euro equivalent for multinational corporations.

    In addition, a five per cent annual tax credit has been introduced for eligible investments in priority sectors to encourage economic development.

    The government further explained that taxpayers involved in foreign currency transactions will now have the option of paying their taxes in naira, using the prevailing official exchange rate.

    On the commencement timeline, the NTA and NTAA are scheduled to take effect on January 1, 2026, while the NRSEA and JRBEA came into effect from June 26. This phased approach is intended to ensure the readiness of revenue institutions ahead of full implementation in 2026.

    “The publication in the Official Gazette also serves to prevent disputes by ensuring that everyone can access the official wording of the laws rather than relying on summaries or second-hand reports,” the statement added.

    The Federal Government has also made digital copies of the new tax laws available for public download at bit.ly/NewTaxReformActs.

  • New tax reform laws will deliver relief, restore fairness, reignite growth – Tinubu

    New tax reform laws will deliver relief, restore fairness, reignite growth – Tinubu

    President Bola Ahmed Tinubu has said that the four landmark tax reform bills he is signing into law today (Thursday) are designed to bring tangible relief to ordinary Nigerians, restore fairness in the tax system, and stimulate inclusive economic growth for the future.

    Describing the legislation as a decisive break from the past, President Tinubu stated that the reforms are tailored to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

    “These reforms go beyond streamlining tax codes,” the President said in a personal message shared via his verified X handle, @officialABAT, on Thursday morning. 

    “They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet”, he assured.

    The four bills—the Nigeria Tax Bill (Fair Taxation), Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill—represent what the President called a bold new era of economic governance. 

    According to him, they are intended to unify Nigeria’s previously disjointed tax regime, cut bureaucratic red tape, and make revenue collection more transparent and efficient.

    “For too long, our tax system has been a patchwork—complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today”, Tinubu noted.

    President Tinubu explained that the reforms would not only simplify the tax system but also serve as a tool for national renewal, delivering economic justice and rebuilding trust between the government and the governed.

    “We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he stated.

    Emphasising that the legislation is not merely about technical adjustments but a broader reimagining of Nigeria’s fiscal culture, the President declared: “We are not just signing tax bills but rewriting the social contract. We are not there yet, but we are firmly on the road.”

    He added that the new framework would not only ease life for citizens but also enhance investor confidence and position Nigeria as a competitive destination for business and innovation.

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    “We are also building a framework for the Nigeria of tomorrow — leaner, fairer, and laser-focused on unlocking opportunities for all,” he said.

    The President commended the Presidential Fiscal Policy and Tax Reform Committee for its “tireless work,” praised the National Assembly for a “rigorous review process,” and thanked state governments for their “critical contributions.” 

    He also reserved special appreciation for “the Nigerian people for keeping faith with this vision of reform.”

    The bills, which will take effect following the President’s assent this afternoon, are expected to harmonise tax administration across federal and state levels, reduce duplication and corruption, and make the tax process more predictable for individuals and businesses alike.

    Summing up his vision, President Tinubu issued a national call to action: “Simplify. Reform. Grow”.

    “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot. We are betting on a new Nigeria and building it block by block”, he said.