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Tag: Tax reforms

Seven banks paid N392.53bn in taxes in first half of 2024
featured News

No tax ID, no bank account from January 2026 — FG

The Federal Government has announced a directive stating that, effective January 1, 2026, all taxable Nigerians will be required to obtain a Tax Identification Number or Taxpayer Identification Number in order to operate a bank account within the country. This information was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax […]

Bill for tax crimes commission passes second reading
Business

NEPZA requests 10-year tax relief for free-zone operators

The Nigeria Export Processing Zones Authority has urged the Federal Government to grant a 10-year tax relief to all operators within the Special Economic Zones. The authority warned that failure to implement this transitional relief could undermine investor confidence and trigger disruptions across the free-zones ecosystem. This appeal comes barely one month before the scheduled […]

Finance

New tax laws will be fair, respect personal accounts – FG

The Federal Government has reassured Nigerians and investors that the implementation of the newly enacted tax laws will be fair, transparent, and carried out with a strong sense of responsibility. This assurance was given by Mr. Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee, after the committee was inaugurated in Abuja by the […]

Economy

New tax laws target investment, fiscal stability, FIRS assures

The Federal Inland Revenue Service has stated that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments and improve long-term fiscal stability. The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several […]

Seven banks paid N392.53bn in taxes in first half of 2024
Opinion

Nigeria’s new tax act could cripple investment, experts warn

A new assessment by the Alliance for Economic Research and Ethics LTD/GTE has raised red flags over the potential economic fallout of the Nigeria Tax Act, 2025. The report warns that several provisions could erode business profitability, deter investors, and weaken Nigeria’s competitiveness within Africa. The Act, which was signed into law in June 2025 […]

FIRS announces new TAXPR-MAX platform for CbCR
Business

ATAF backs Nigeria’s new tax reforms

The African Tax Administration Forum on Tuesday expressed strong support for Nigeria’s recent tax reforms, which led to the enactment of new tax laws. Describing the reforms as vital for economic growth and development, ATAF conveyed its commendation through its newly appointed Executive Secretary, Ms. Mary Baine, during a visit to the FIRS Chairman, Dr. […]

LCCI to launch innovation hub for startups, SMEs in Lagos
Opinion

LCCI calls for transparent administration of tax incentives

The Lagos Chamber of Commerce and Industry has emphasized the need for effective implementation of the newly enacted Nigeria Tax Reform Act 2025 to spur industrialization in the country. According to LCCI President Gabriel Idahosa, the Act offers a bold opportunity to strengthen the social contract between the government and citizens through enhanced revenue mobilization, […]

Banking featured

Nigerians without tax-ID may lose bank account access – FG

The presidential Fiscal Policy and Tax Reform Committee has said that without a Tax ID, a taxable person may not be able to operate bank accounts, insurance policies, pension accounts, or investment accounts . This was contained in a frequently asked question and document titled ‘𝐍𝐞𝐰 𝐓𝐚𝐱 𝐀𝐜𝐭𝐬 𝐚𝐧𝐝 𝐓𝐚𝐱 𝐈𝐃 – 𝐖𝐡𝐚𝐭 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 […]

Reps adopt tax reforms, retains VAT at 7.5%
News

Reps adopt tax reforms, retains VAT at 7.5%

The House of Representatives has adopted the Tax Reform Bills as a working document, confirming that Nigeria’s Value Added Tax will remain unchanged at 7.5%. Presenting the report on Thursday, the Chairman of the Finance Committee, James Faleke, assured lawmakers that contentious areas had been addressed and reaffirmed that the VAT rate would not increase. […]

BREAKING: Tinubu emerges ECOWAS Chairman
Business featured

Tinubu directs implementation of tax reforms committee’s recommendations

President Bola Tinubu on Tuesday directed the immediate implementation of recommendations of the Presidential Fiscal Policy and Tax Reforms Committee across all Ministries, Departments and Agencies. ⁣ To achieve the swift implementation, Tinubu asked his Special Adviser on Policy Coordination, Hadiza Usman, to liaise with the Office of the Secretary to the Government of the […]

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