Breaking News.
President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you.
1. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).
2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.
3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.
4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.
5. Small Business Exemption: Small business owners are fully exempted from paying income tax.
6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.
7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.
8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.
9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.
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President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you.
1. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).
2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.
3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.
4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.
5. Small Business Exemption: Small business owners are fully exempted from paying income tax.
6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.
7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.
8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.
9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.
Copied
Breaking News.
President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you.
1. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).
2. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.
3. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.
4. High-Income Tax: A 25% personal income tax applies only to individuals earning above ₦50 million annually.
5. Small Business Exemption: Small business owners are fully exempted from paying income tax.
6. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from 30% to 25%.
7. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.
8. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.
9. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.
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