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Tag: Tax

featured Finance

ICYMI: Pastors, Imams must pay personal tax — Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified that pastors, imams, and other religious workers are liable to pay tax on the salaries they earn from religious institutions. Speaking on the podcast ‘Mic On’, Oyedele stressed that while churches, mosques, and other religious bodies are exempt from […]

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

FG stops pioneer status applications for new tax scheme

The Federal Government has officially stopped receiving applications for the Pioneer Status Incentive, effective November 10, 2025. This cessation means that corporate organizations will no longer be able to enjoy the initial three-year tax-free incentives for new businesses under the existing scheme. The Nigerian Investment Promotion Commission stated that this step is part of the […]

Opinion

Tackle corruption, tax religious institutions, expert urges FG

Economist, Daramola Omoyele has advised the government to include religious institutions in the new tax net in Nigeria, emphasizing that the new tax reform, though well-intentioned, would fail if it exempts the most powerful while burdening the powerless. In an interview with the News Agency of Nigeria on Wednesday, Omoyele acknowledged that the new Nigeria […]

Business featured

High bank charges, taxes top Nigerian business constraints — CBN

Businesses and households have clearly identified high interest rates, multiple taxes, and poor infrastructure as the top three constraints impacting operations in September 2025, even as they collectively expressed optimism about the macroeconomy in the coming months. In its Business Expectation Survey, the Central Bank of Nigeria reported the robust confidence level, stating: “The Confidence […]

Policy and Regulations

Proposed tax stamp system could worsen inflation, MAN warns

The Manufacturers Association of Nigeria has expressed concerns that the proposed introduction of a Tax Stamp System for excisable goods could worsen inflation, erode consumer demand, and weaken Nigeria’s competitiveness under the African Continental Free Trade Area. According to MAN, the extra compliance costs from tax stamps would inevitably be passed on to consumers, many […]

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

South Africa to tax social media influencers

The South African Revenue Service has announced that social media influencers are now included in its taxpayer segmentation model, emphasising the need for compliance with tax regulations. The agency clarified that all forms of income, whether received as cash, products, services, or travel perks, must be declared. Influencers are encouraged to report earnings from brand […]

Walmart increases stake in Flipkart with 3.5bn
Business News

Walmart to launch first branded stores in South Africa

Walmart on Tuesday announced plans to open its first branded stores in South Africa later this year, signaling the retail giant’s push to expand its footprint across the African continent. The move aims to provide South African consumers with greater access to high-quality, affordable merchandise. The announcement comes on the heels of Walmart’s inaugural Growth […]

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

New tax laws officially published to overhaul fiscal framework

Nigeria has officially published its long-awaited tax reform laws in the government gazette, marking a significant overhaul of the nation’s fiscal framework. Signed into law on June 26, 2025, the reforms create a new foundation for taxation, administration, and revenue collection in Africa’s largest economy. Confirming the publication on his official X handle, the Chairman […]

Nigerian telecom users may pay higher charges in new tax law
News

Nigerian telecom users may pay higher charges in new tax law

Nigerian telecom subscribers could soon pay 5% more for calls and data as the Senate passed the Nigeria Tax Bill 2024 on May 8, reviving a controversial excise duty on telecom services. If signed into law, the bill would reintroduce a tax previously suspended by President Bola Tinubu in 2023 over inflation concerns. Telecom operators […]

Cut corporate tax to 7.5%, NACCIMA urges Tinubu
featured News

Cut corporate tax to 7.5%, NACCIMA urges Tinubu

The National Association of Chambers of Commerce, Industry, Mines, and Agriculture has called on President Bola Tinubu’s administration to take decisive steps toward comprehensive tax reform, recommending a reduction in corporate tax rates to 19% and capping Value Added Tax at 7.5%. In a statement signed by NACCIMA’s National President, Dele Kelvin Oye, the association […]

News

FG to exempt pads, baby products, others from tax in new bill 

The Federal Government has introduced a new bill aimed at exempting various essential products and services from Value Added Tax. The proposed VAT exemption list includes baby products, locally manufactured sanitary towels, pads, and tampons, aiming to enhance accessibility to these essential items. The bill, titled “A Bill for an Act to Repeal Certain Acts […]

News

New bill to require tax ID for opening bank accounts

A new bill has been proposed in Nigeria mandating that individuals involved in banking, insurance, stock-broking, and other financial services must provide a Tax Identification Number to open new accounts or operate existing ones. According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue […]

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