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Posted: 2025-06-26 23:08:23 UTC
This article contains some claims that remain unverified. While much of the content may be accurate, exercise care when relying on this information.
This article contains some claims that remain unverified. While much of the content may be accurate, exercise care when relying on this information.
Status
Last Updated
2025-06-26 23:08:44 UTC
Verified By
Rollup News
President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, introducing significant changes to Nigeria's tax system, including renaming FIRS to NRS, unifying revenue collection, providing income tax relief for low-income workers and small businesses, adjusting corporate tax rates, and exempting essential items from VAT.
Renaming FIRS to Nigeria Revenue Service (NRS)
Unified revenue collection by NRS
Income tax exemption for workers earning ₦800,000 or less annually
25% personal income tax for individuals earning above ₦50 million annually
Income tax exemption for small business owners
Reduction of company income tax for medium and large firms from 30% to 25% starting in 2026
VAT exemptions on essential items
Introduction of a 2%–4% Development Levy