The Nigeria Tax Reforms: Major changes introduced by the new tax laws

On June 26, 2025, President Bola Ahmed Tinubu signed into law four landmark Tax Reform Acts, marking the most significant transformation of Nigeria's tax system in decades.

These Acts — the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service (Establishment) Act, and Joint Revenue Board (Establishment) Act — introduce new compliance standards for individuals, resident and non-resident companies, and entities operating within free trade zones.

Key Highlights Include:

• New personal income tax brackets and removal of Consolidated Relief Allowance
• Revised classifications for companies and changes to the development levy
• Introduction of Controlled Foreign Company (CFC) rules and minimum effective tax rates
• VAT-related conditions for deductibility, refunds, and credit offsets
• Taxation guidelines for digital and cross-border transactions
• Reforms affecting free trade zones and export-oriented businesses

With implementation scheduled for January 1, 2026, this 6-month window is critical for businesses to assess readiness, adapt systems, and align with new compliance requirements.

Download our detailed alert to explore the implications, timelines, and steps you need to take.