According to the National Bureau of Statistics, Small and Medium-sized Enterprises (SME’s) account for about 48% of Nigeria’s Gross Domestic Product (GDP), making them a vital part of the economy. Although the new tax legislation is intended to increase government revenue, strengthen tax compliance, and encourage investment, it also carries significant implications, particularly for SMEs, …
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One notable highlight under the New Tax Act is the introduction of Controlled Foreign Company (CFC) rules, which are designed to prevent Nigerian companies from avoiding tax by keeping profits in foreign subsidiaries instead of bringing the money back into Nigeria. Download Full Snippet
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In June 26, 2025, Nigeria’s Presidency signed into law four significant Tax Reform Bills, including a new Tax Act, aimed at overhauling Nigeria’s tax landscape. The four Tax Reform Bills, now signed into law and collectively known as the Tax Reform Acts, are:… Download Full Snippet
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The Nigeria Revenue Service (Establishment) Act, 2025 marks a significant shift in the country’s tax administration framework. The Act formally rebrands the Federal Inland Revenue Service (FIRS) as the Nigeria Revenue Service (NRS), establishing it as the central authority for tax administration in Nigeria. Importantly, this change is not merely cosmetic, the Act empowers the …
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Introduction On June 26, 2025, President Bola Ahmed Tinubu signed into law four transformative pieces of tax legislation;i. The Nigeria Tax Act (NTA), 2025ii. The Nigeria Tax Administration Act (NTAA), 2025iii. The Nigeria Revenue Service Act (NRSA), 2025iv. The Joint Revenue Board Act (JRBA), 2025 Together, these statutes represent a sweeping overhaul of Nigeria’s …
More →The Administrative Penalties under the sections 18 and 19 of the Finance Act 2023 – Wherein lies the Constitutional Basis? Author: Ifeanyi Ujah, Associate, PUNUKA Attorneys & Solicitors Introduction: The recent Finance Act 2023 (FA3)[1] ushered in numerous fiscal changes in Nigeria. Just like previous Finance Acts, the FA3 amended several legislations.[2] In particular, sections …
More →Authors: Ifeanyi Ujah– Associate, Punuka Attorneys & Solicitors Rosemary Nne Bernard– Associate, Punuka Attorneys & Solicitors Introduction: The fiscal measures by the administration of the Former President Muhammed Buhari culminated in the New Finance Act 2023, which was enacted by the National Assembly and Assented by the President on the 28th of May 2023; just …
More →OPEN BANKING REGULATIONS OF THE CENTRAL BANK OF NIGERIA AND THE OUTLOOK FOR THE FINTECH INDUSTRY IN NIGERIA Open banking is a term that refers to the practice of allowing third-party financial service providers to access customer data and transaction history held by banks and other financial institutions. This concept has gained popularity in recent …
More →Authors – Nnamdi Oragwu, Patience Obiagbaoso and Favour Babajamu Introduction Generally, the basis for imposing and collecting personal income tax under the Personal Income Tax Act as amended (PITA) in Nigeria is classified into two viz the residence and source. On this premise, income derived from, received in or brought into Nigeria are chargeable to …
More →The Finance Act 2021 (“the Act”) was signed into law on the 31st of December 2021 by the President of the Federal Republic of Nigeria. The Act is effective from 1st January 2022 and amends 13 laws viz Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service Establishment Act, Personal Income Tax …
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