Echotitbits – Nigeria News

Tag: tax reform

  • New Tax Regime Exempts Nigerians Earning Below ₦800,000 Annually

    New Tax Regime Exempts Nigerians Earning Below ₦800,000 Annually

    According to Cowrywise Financial Blog, the new Nigerian Tax Act has officially come into full effect as of January 1, 2026, introducing a 0% tax rate for individuals earning ₦800,000 or less per year. This reform is part of a broader strategy to provide ‘social cushioning’ for low-income earners while progressively increasing the tax burden on high-net-worth individuals and large corporations. The new brackets peak at 25% for those earning over ₦150 million.

    The act also introduces significant relief for small businesses, with the ‘Development Levy’ now only applying to companies with a turnover exceeding ₦100 million. Additionally, the threshold for tax-exempt redundancy pay has been increased from ₦10 million to ₦50 million, providing a larger safety net for workers facing job losses in a fluctuating economy.

    Validating reports from Moniepoint and The Punch emphasize the focus on compliance. Moniepoint warned that ‘unregistered businesses will struggle to operate on digital platforms under the new code,’ while The Punch quoted the FIRS Chairman: ‘Our goal is a broader base, not necessarily higher rates for the common man.’

    Echotitbits take: This is the most significant overhaul of personal income tax in decades. While the ₦800k exemption is a win for the poor, the real challenge is the ‘informal sector’ capture. Watch for a massive push by the FIRS to link Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to new ‘Tax IDs’ for petty traders this quarter.
    Source: TheCable – https://www.thecable.ng/key-concerns-and-benefits-as-the-new-tax-laws-take-effect/ January 5, 2026

    Photo Credit: TheCable

  • Reps release certified tax-law copies to end confusion as reforms roll out

    Reps release certified tax-law copies to end confusion as reforms roll out

    Figures cited by Punch show Nigeria’s House of Representatives has released certified true copies (CTCs) of the newly passed tax laws, aiming to resolve discrepancies and improve clarity for implementation.

    Lawmakers say the move is meant to align what stakeholders are seeing in circulation with the versions formally passed, so agencies, businesses, and professional bodies can reference the same texts.

    The Nation reported that federal lawmakers released the CTCs to “address discrepancy,” while THISDAY similarly reported the chamber’s push to ensure stakeholders rely on a single, authoritative version of the reforms.

    For taxpayers and businesses, the next test is whether clarified texts translate into consistent regulations, guidance notes, and enforcement without sudden interpretive shocks.

    Echotitbits take: For taxpayers and businesses, the next test is whether clarified texts translate into consistent regulations, guidance notes, and enforcement without sudden interpretive shocks.

    Source: Arise — January 4, 2026 (https://www.arise.tv/house-releases-certified-tax-acts-to-clarify-controversy-restore-public-confidence/)

    Arise January 4, 2026

    Photo Credit: Arise

  • Kogi signs two revenue bills to align state collections with Nigeria’s new tax reform direction

    Kogi signs two revenue bills to align state collections with Nigeria’s new tax reform direction

    2026-01-02 09:00:00
    Figures cited by Punch show Kogi State has signed into law two revenue-related bills intended to strengthen tax administration and align with the Federal Government’s broader tax reform agenda.

    The measures include a state internal revenue service establishment framework and a harmonised approach to collecting taxes and levies, presented as a way to boost transparency and reduce leakages.

    Officials argue that clearer rules can improve compliance and expand the revenue base beyond a narrow set of collection points, if the rollout avoids harassment and multiple taxation traps.

    Validation: The Guardian reported Kogi “signed into law two key revenue bills” aligned with the federal reform direction. PM News echoed the expected impact, quoting a government statement that the move is “expected to boost state revenue, enhance transparency, and promote economic growth.”

    Echotitbits take: Tax reform succeeds or fails in execution. Watch for whether Kogi digitises collections, curbs informal levies at local levels and sets a credible appeals process—business confidence depends on predictability, not just new laws.

    Source: The Punch — 2026-01-02 (https://punchng.com/kogi-gov-signs-tax-reform-laws/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • N’Assembly opens tax-acts paperwork to the public as “gazette mismatch” row grows

    N’Assembly opens tax-acts paperwork to the public as “gazette mismatch” row grows

    2026-01-02 06:00:00
    According to Punch, Nigeria’s National Assembly says it will publish the Votes and Proceedings from both chambers alongside the gazetted versions of the new Tax Acts, after allegations that the text in circulation differs from what lawmakers passed.

    The House leadership says the clerk will also make available the transmitted tax bills signed by the president, including the certificate pages, as part of an effort to calm the controversy and restore confidence in the documentation trail.

    Lawmakers have already constituted an ad hoc committee to review the alleged inconsistencies and report back, with officials framing the move as a transparency step rather than a reversal of the reforms.

    Premium Times reports the legislature is “promising to make available certified copies of the bills signed” to address public concerns, noting the Assembly’s directive to release those documents. Reuters, meanwhile, says the dispute centres on “discrepancies between the gazetted text and the version passed by lawmakers,” as the reforms move into implementation.

    Echotitbits take: This is a rare “open-the-files” moment for Nigeria’s legislature. If the certified versions don’t match what businesses are already pricing into contracts and tax planning, expect urgent circulars, re-gazetting, and possible legal challenges. Watch the ad hoc committee’s report and any guidance from FIRS/Nigeria Revenue Service on transitional enforcement.

    Source: The Punch — January 2, 2026 (https://punchng.com/nassembly-invites-public-to-scrutinise-tax-laws/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • Court declines bid to halt Nigeria’s new tax laws, keeps January 1 rollout intact

    Court declines bid to halt Nigeria’s new tax laws, keeps January 1 rollout intact

    2026-01-01 07:10:00
    Reporting by Vanguard indicates an FCT High Court refused to restrain the Federal Government from proceeding with the January 1 implementation timeline for Nigeria’s new tax laws.

    The suit sought an urgent stop order via an ex-parte request, but the court declined, allowing implementation to proceed while substantive issues remain pending.

    The decision lands amid public controversy over the reforms, including claims of discrepancies between passed and gazetted versions.

    Reuters separately quoted President Tinubu calling the reforms a “once-in-a-generation” reset and stating “No substantial issue has been established” to justify halting implementation.

    Daily Post Nigeria also reported the presidency has “dismissed claims of discrepancies” in the new laws.

    Echotitbits take:

    For businesses, the immediate risk is compliance uncertainty while litigation continues. Watch for official FAQs, enforcement timelines, and any rapid ‘clean-up’ amendments that resolve document-version disputes.

    Source: Vanguard — January 1, 2026 (https://www.vanguardngr.com/2025/12/court-declines-to-stop-implementation-of-new-tax-laws-adjourns-case-to-jan-9/)

    Vanguard 2026-01-01

    Photo Credit: Vanguard

  • Nigeria’s revenue agency rebrands as Nigeria Revenue Service, unveils new logo

    Nigeria’s revenue agency rebrands as Nigeria Revenue Service, unveils new logo

    2026-01-01 07:05:00
    According to Punch, Nigeria’s former Federal Inland Revenue Service has formally transitioned to the Nigeria Revenue Service (NRS) and unveiled a new corporate identity as part of a wider revenue-administration overhaul.

    The agency’s leadership framed the change as more than a cosmetic update—positioning it as a unified, service-focused revenue authority aligned with Nigeria’s economic transformation agenda.

    The rollout is linked to the legal framework establishing the NRS, with expectations of improved efficiency, transparency and taxpayer-facing service upgrades.

    The Guardian Nigeria also described the rebrand as “an important milestone in the evolution of Nigeria’s revenue administration framework.”

    Leadership similarly reported the agency “unveils official logo” as it transmutes into the NRS.

    Echotitbits take:

    The real test isn’t branding—it’s delivery. Watch for clearer taxpayer guidance, faster dispute resolution, smarter digital enforcement, and proof that reforms expand the tax net without punishing already-compliant businesses.

    Source: The Punch — January 1, 2026 (https://punchng.com/nigeria-revenue-service-replaces-firs-unveils-new-logo/)

    The Punch 2026-01-01

    Photo Credit: The Punch

  • National Assembly responds to outrage over alleged discrepancies in gazetted fiscal laws

    National Assembly responds to outrage over alleged discrepancies in gazetted fiscal laws

    2026-01-01 06:45:00
    According to The Guardian (Nigeria), the National Assembly issued clarifications on the passage-to-gazette process for major tax and revenue laws after public outrage over alleged discrepancies.

    In an update published by the outlet, lawmakers positioned the process as orderly while acknowledging rising concerns about transparency and chain-of-custody from passage to publication.

    The controversy has amplified calls for clean, verifiable “as passed” texts to support compliance and public trust.

    ARISE TV also framed the dispute as a demand for suspension and review over alleged discrepancies between versions passed and versions published.

    Other civic and media summaries similarly described the issue as scrutiny over differences between gazetted laws and the texts lawmakers said were approved.

    Echotitbits take:

    This is a trust test. The clean fix is document transparency: publish side-by-side versions, harmonisation notes, and an audit trail of edits—otherwise compliance could suffer and investment risk perception could rise.

    Source: The Guardian Nigeria — December 26, 2025 (https://guardian.ng/news/nass-clarifies-process-on-tax-revenue-acts-amid-outrage/)

    The Guardian — 2026-01-01 06:45:00

    Photo Credit: The Guardian

  • Aviation Regulator Pushes Back as Airlines Blame Taxes for Rising Airfares

    Aviation Regulator Pushes Back as Airlines Blame Taxes for Rising Airfares

    2025-12-30 09:30:00

    Reporting by Punch indicates the NCAA challenged claims that multiple taxes are the main driver of high airfares, as public debate grew around new tax laws and ticket pricing.

    The row followed warnings by Air Peace chairman Allen Onyema that aviation costs could worsen and fares could rise sharply if tax burdens persist.

    Regulators and tax-reform officials argue the reforms are meant to simplify and reduce certain burdens, while operators insist the broader levy-and-charge ecosystem remains heavy.

    Vanguard quoted Onyema saying, “The Nigerian airlines are heavily overburdened by taxes, levies and all manner of charges.” P.M. News quoted Taiwo Oyedele saying, “Eliminating this burden is a major structural relief for the sector,” as he explained tax changes affecting aviation.

    Echotitbits take: This will turn into a data contest—operators will cite cashflow strain, regulators will cite reform details. Watch for NCAA’s consumer-protection actions and a clear aviation-specific implementation note on VAT/WHT and leasing-related taxes.

    Source: The Punch — December 29, 2025 (https://punchng.com/airfares-hike-ncaa-tackles-air-peace-boss-rejects-tax-claim/)

    The Punch 2025-12-29

    Photo Credit: The Punch

  • Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Experts say Lagos could unlock ₦1tn yearly from property tax—if data gets fixed

    Photo Credit: The Punch
    2025-12-24 07:33:00

    Figures cited by PUNCH show that Lagos could generate as much as ₦1 trillion annually from property tax if the state builds credible property registers, accurate valuations, and transparent enforcement systems.

    Speakers at a tax reform summit argued that property tax is one of the most stable revenue anchors because it grows with urban development and is harder to evade when the register is accurate.

    The policy push is shifting from rhetoric to implementation—enumeration, valuation, harmonisation, and building trust that revenue collected translates into visible public services.

    Taiwo Oyedele said: “Property taxation is one of the most underutilised yet stable revenue sources available to states and local governments.” Governor Babajide Sanwo-Olu added: “Taxation is ultimately a social contract. People comply willingly when they trust that the government is responsible, accountable, and responsive.”

    Echotitbits take: The upside is huge, but the politics are delicate. Watch for a transparent register, clear rates, dispute-resolution for valuations, and visible reinvestment in services—otherwise compliance will be resisted.

    Source: The Punch— December 24, 2025 (https://punchng.com/lagos-can-generate-n1tn-yearly-from-property-tax-oyedele/)
    The Punch 2025-12-24

  • Presidency dismisses calls to pause new tax reforms as political backlash grows

    Presidency dismisses calls to pause new tax reforms as political backlash grows

    Photo Credit: The Punch

    2025-12-18 05:55:00

    Reporting by The Punch indicates the Presidency has rejected demands to suspend Nigeria’s newly signed tax reform laws, insisting implementation will proceed from January 1, 2026.

    Officials argue the reforms are meant to simplify compliance, reduce overlapping taxes, and modernise revenue collection. Critics, however, warn the changes could worsen hardship if rollout is rushed or unclear.

    The debate has intensified amid claims by some lawmakers that the gazetted copies differ from what the National Assembly approved—an allegation that could raise legal questions and slow compliance.

    Premium Times reported Speaker Tajudeen Abbas announced an ad hoc committee, stating, “I’m happy to announce to you that the following members have been appointed to the committee.” Vanguard also quoted a lawmaker complaining, “I was here, I gave my vote and it was counted, and I am seeing something completely different.”

    Echotitbits take:
    The policy risk is less about headlines and more about trust: investors and taxpayers need certainty on the final text. Watch for certified copies, a clear implementation guide, and whether the legislature confirms (or disputes) the gazetted versions before take-off.

    Source: The Punch — December 18, 2025 (https://punchng.com/fresh-storm-brews-over-new-tax-law/)
    The Punch 2025-12-18