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🇳🇬 Nigeria /Economy & Trade

FG issues guidelines for new tax laws

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

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  • The Federal Government has issued transition guidelines for the implementation of the Tax Acts 2025, effective January 1, 2026.
  • The guidelines clarify how taxpayers and authorities should manage obligations arising from the migration from the old tax regime to the new framework.
  • Tax liabilities, assessments, and disputes related to periods before the new laws will be treated under the repealed laws, while future matters fall under the new acts.

The Federal Government has released transition guidelines for the implementation of the Tax Acts 2025, which take effect on January 1, 2026. The document clarifies procedures for taxpayers, tax authorities, and other stakeholders navigating the shift from the old tax regime to the new framework.

Issued by the Ministry of Finance, the guidelines provide direction on managing tax liabilities, assessments, audits, investigations, disputes, and enforcement actions. These procedures apply to obligations arising from periods both before and after the commencement of the new tax laws.

The Tax Acts 2025 encompass several new laws, including the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act. According to the ministry, tax matters pertaining to periods before the commencement date will continue to be handled under the repealed tax laws.

The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.

— Efe OvuakporieHead of Information and Public Relations Unit at the Federal Ministry of Finance, in a statement.

Similarly, tax returns for accounting periods ending before January 1, 2026, must be filed under the old laws. Returns due from January 1, 2026, onward will be administered under the new framework. The guidelines also address the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, and record-keeping obligations for transactions spanning both regimes. Existing tax incentives and exemptions remain valid until their expiration, while new applications will be considered under the Tax Acts 2025.

Finance Minister Taiwo Oyedele stated that the guidelines aim to provide clarity on transitional issues and ensure the new laws are not applied retrospectively. He described the Tax Acts 2025 as a significant milestone in Nigeria's tax reform program.

that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.

— Taiwo OyedeleMinister of Finance and Coordinating Minister of the Economy, speaking on the guidelines.
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Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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