Since tax reform bill has been signed into law, the post below summarises what you should expect. It is left for you to fight for your right if you are still being asked to pay tax if you fall under the category of tax exempt.

MS Ingawa
@MSIngawa
BREAKING: Tinubu signs the Tax Reform Bills in to law.

Here is what the new development means for Nigeria and Nigerians:

-Federal Inland Reveneu Service (FIRS) will now become Nigeria Revenue Service (NRS)

-The Nigeria Revenue Service (NRS) will now collect revenues previously handled by agencies such as the Nigeria Customs Service, NUPRC, NPA, and NIMASA.

-Tax exemption for workers earning ₦800,000 and below annually.

-25% personal income tax applies only to individuals earning above ₦50 million annually.

-Small businesses owners are exempted from paying income tax.

-Company income tax for medium and large companies will be reduced from 30% to 25% starting in 2026.

-Value Added Tax (VAT) exemptions on essential goods and services consumed by the poor, including food items, medical services, pharmaceuticals, educational fees, and electricity.

-VAT remains at 7.5%, and corporate income tax stays at 30%. NO INCREMENT!

-Introduction of a Development Levy ranging from 4% to 2%, allocated to support the NELFUND, TETFund, NITDA, and NASENI.

To learn more about tax reform, watch Taiwo Oyedele, Chairman of Nigeria's Presidential Committee on Fiscal Reform