FG gazettes sweeping new tax reform laws

The Federal Government has published Nigeria’s new tax reform laws in the official gazette, formalising one of the most comprehensive overhauls of the nation’s fiscal framework in decades.

The reforms, signed into law by President Bola Tinubu on June 26, 2025, introduce new structures for taxation, administration, and revenue collection.

The four legislations are: the Nigeria Tax Act (NTA) 2025, the Nigeria Tax Administration Act (NTAA) 2025, the Nigeria Revenue Service (Establishment) Act (NRSEA) 2025, and the Joint Revenue Board (Establishment) Act (JRBEA) 2025.

Key provisions include exemptions from corporate tax for small businesses with turnover below N100 million and assets under N250 million; a potential reduction of corporate tax rates for large firms from 30 percent to 25 percent at the President’s discretion; and new “top-up tax” thresholds of N50 billion for local firms and €750 million for multinationals.

The laws also introduce a 5 percent annual tax credit for eligible projects in priority sectors, while companies transacting in foreign currency will now be able to settle their taxes in naira at official exchange rates.

Government officials say the reforms are designed to simplify the tax system, broaden the revenue base, and create a more business-friendly environment.