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Posted: 2025-06-27 05:40:22 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
2025-06-27 05:40:37 UTC
Verified By
Rollup News
President Tinubu has signed the Tax Reform Bills into law, leading to significant changes in Nigeria's tax system, including the transformation of FIRS into NRS, tax exemptions for low-income earners and small businesses, and adjustments to corporate income tax and VAT.
FIRS becomes NRS with expanded revenue collection duties
Tax exemption for workers earning ₦800,000 and below annually
Small businesses are exempted from income tax
Reduction of company income tax for medium and large companies from 30% to 25% starting in 2026
VAT exemptions on essential goods and services for the poor
Introduction of a Development Levy ranging from 4% to 2% to support various funds