FG gazettes new tax reform laws, says reform to boost small enterprises, attract investments
The Federal Government has officially gazetted Nigeria’s new tax reform laws following President Bola Tinubu’s assent on June 26, 2025.
A statement issued by Kamorudeen Yusuf, the Personal Assistant on Special Duties to the President, confirmed the release of four significant legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
The gazette states, “Small businesses with turnover under ₦100 million and assets below ₦250 million are exempted from corporate tax.” It further specifies that “the corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.”
Additional provisions of the reforms include top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals, a 5% annual tax credit for eligible priority-sector projects, and the ability for companies engaging in foreign currency transactions to pay taxes in naira at official exchange rates.
The government clarified that the Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective immediately on June 26, 2025.
The statement further emphasized that these reforms are designed to “simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability,” in line with President Tinubu’s Renewed Hope Agenda to diversify revenue sources beyond oil.
