Yemisi

The naira fell in the official market on Monday, closing at N1,549/$1, a decline from last week’s close of N1,547/$1. The naira began the week in decline setting a downward trajectory from the start of the week amid foreign currency demand pressures. According to data from the Nigerian Foreign Exchange Market (NFEM), the naira fluctuated between N1,545/$1 and N1,551/$1 during the day’s trading. In the parallel market, the naira recorded a mixed performance against major foreign currencies. The Nigerian currency appreciated against the dollar to N1,590/$1, up from last week’s close of N1,595/$1. Against the British pound, the naira declined to N2,140/£1, from a prior close of N2,135/£1. While the naira appreciated against the euro to N1,775/€1, from last Friday’s close of N1,780/€1. The Central Bank of Nigeria (CBN) has continuously provided support for the currency, supporting the naira’s performance. However, with external pressures as oil price fluctuation and uncertainty this puts pressure on the currency destabilising its momentary stability. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

As African nations navigate economic challenges and pursue sustainable growth, 2025 has seen the rollout of major tax reforms aimed at boosting government revenue and modernizing fiscal systems. From VAT hikes to new digital and environmental levies, these measures reflect a continent-wide shift toward stronger compliance and expanded tax bases. Here’s an overview of the most notable tax changes introduced across various African countries this year. Kenya: Digital Economy in the Tax Net Digital Platform Tax:Kenya’s Finance Bill 2025 introduces a 1.5% tax on local digital platforms, including online marketplaces, ride-hailing, food delivery, and freelance job services. This move targets fast-growing digital businesses like Uber, Bolt, and Jumia, aiming to ensure they contribute fairly to national revenue. VAT on Green Technologies:New VAT charges now apply to electric vehicles (EVs), e-bikes, e-buses, and solar products. While this may raise prices and slow adoption in the short term, it reflects a broader strategy to fund sustainable infrastructure through green taxation. Significant Economic Presence (SEP) Tax:A 6% tax on non-resident digital companies operating in Kenya—without a physical presence—has been introduced. This measure aligns with global trends in taxing the digital economy and is designed to level the playing field for local businesses. Public Response & Revisions:Following significant backlash, the government has reversed plans to apply VAT to essential food items and has withdrawn the proposed annual vehicle tax. Excise duties on mobile money transfers and vegetable oils were also adjusted after public outcry. South Africa: VAT & Carbon Tax on the Rise VAT Increase:Effective May 1, 2025, South Africa raised VAT from 15% to 15.5%, with a further increase to 16% planned for April 2026. The government justifies this step as necessary to fund public services, though critics warn of potential impacts on the cost of living. Excise Duties:Higher taxes have been imposed on alcohol and tobacco products, both to curb consumption and increase revenue. Carbon Tax:The carbon tax rate has increased from R190 to R236 per tonne of CO₂ equivalent. This change, effective January 1, 2025, reinforces South Africa’s commitment to environmental responsibility and cleaner technologies. Nigeria: VAT Boost and Oil Sector Reform VAT Adjustment:The VAT rate has been raised from 7.5% to 12.5%. Though controversial, this measure is expected to significantly increase public revenues and support key social programs. Oil Tax Reforms:Changes to petroleum profit tax and royalty structures aim to make the sector more competitive while ensuring a fair share of profits goes to the government. The reforms also aim to improve tax compliance among oil firms operating in Nigeria. Rwanda: Tourism Levy and Excise Duty Updates Excise Duty Increases:Taxes on luxury goods such as cosmetics, alcoholic beverages, and gambling have been raised. The reforms are targeted to affect higher-income consumers without burdening the broader population. New Tourism Levy:From July 1, 2025, Rwanda will introduce a tourism levy for international visitors. Revenue from this levy will be invested in tourism infrastructure and sustainable development in key destinations. Ghana: Easing the Burden on Citizens E-Levy and Betting Tax Removed:Ghana has repealed its Electronic Transaction Levy (E-Levy) and betting tax, both of which had drawn strong public opposition. The government aims to promote economic activity and ease financial pressure on citizens and businesses alike. Mali: Strengthening Local Stake in Mining Increased Mining Royalties:Mali has raised mining royalty rates from around 6% to 10.5%, seeking greater returns from its gold-rich economy. Local Ownership Mandate:New mining projects must now divest at least 35% of ownership to local investors, ensuring that more of the sector’s wealth stays within the country. Botswana: Income Tax and Digital VAT Expansion Corporate & Personal Tax Hike:Corporate tax is up from 22% to 23.5%, and individual income tax from 25% to 26.5%. These adjustments are part of broader efforts to secure sustainable revenue for public services. VAT on Digital Transactions:Botswana is rolling out VAT on digital services, such as online purchases and app subscriptions, as it works to modernize its tax system in line with global trends. Zambia: Focus on Small Businesses and Mining Turnover Tax for SMEs:A 5% turnover tax now applies to small businesses earning under K800 million annually, helping formalize the informal sector and broaden the tax base. Mining Sector Incentives:While the corporate income tax remains at 35%, the government has suspended import duties on mining equipment to attract investment in the sector. Conclusion: A New Era of Taxation in Africa The wave of tax reforms across Africa in 2025 illustrates a shared drive to strengthen national finances and fund long-term development. From tapping into the digital economy to imposing environmentally conscious taxes, these measures show a shift toward more diversified and equitable tax systems. Despite some public resistance, these changes highlight the essential role of taxation in building resilient economies. Transparent communication and inclusive dialogue between governments, businesses, and citizens will be critical in ensuring these reforms deliver meaningful results for all. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Osun State chapter of the Allied Peoples Movement (APM) has voiced concern over the state’s poor Value Added Tax (VAT) performance, despite receiving increased monthly allocations from the Federal Government. Speaking in an interview with the News Agency of Nigeria (NAN) on Monday in Osogbo, APM State Chairman, Mr. Adewale Adebayo, described the situation as troubling—especially in light of recent data released by Statisense for Q1 2025. According to Adebayo, Osun recorded the lowest VAT performance in the South-West, even though it receives comparatively higher federal allocations than some of its regional counterparts. “The gap between what Osun contributes to VAT and what it receives highlights a disturbing lack of productivity and innovation in the state’s economic management,” Adebayo said. He criticized the state’s overdependence on federal funding and its minimal contribution to the national revenue pool, calling it a sign of weak internal economic performance. Adebayo urged the state government to re-evaluate its economic strategies, emphasizing the need to boost local enterprise. “Osun must prioritize the development of Small and Medium-sized Enterprises (SMEs) and improve the ease of doing business to drive productivity,” he stated. He further recommended an internal audit of all state-managed revenue streams to identify and address areas of underperformance and leakage, stressing that such reforms are necessary for Osun to become a net contributor to national revenue. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Institute of Chartered Accountants of Nigeria (ICAN), through its Obio/Akpor and District Society, has concluded plans to provide tailored professional services to Ikwerre Local Government Area of Rivers State. This development follows a strategic meeting held on Wednesday, June 18, 2025, at the headquarters of the Ikwerre LGA, during a courtesy visit by the ICAN District led by Chioma Ojukwu, a seasoned chartered accountant, university lecturer, and fellow of the institute. Speaking during the visit, Ojukwu outlined several key areas where ICAN intends to offer support, including: Ojukwu noted the district’s excitement over the appointment of Isaiah Christian, a distinguished ICAN member, as the Sole Administrator of Ikwerre LGA. She described the visit as both a show of support and a strategic effort to initiate mutually beneficial collaboration between ICAN and the local council. “As professionals trained in financial management, accountability, and integrity, we’re eager to support the council in building capacity, promoting transparency, and advancing socio-economic development,” Ojukwu said. In response, the Sole Administrator acknowledged the critical role that chartered accountants play in driving sustainable development at all levels of government. He emphasized revenue generation strategies as an immediate area of potential collaboration and welcomed ICAN’s support in enhancing human capital development and youth empowerment in the LGA. He further pledged ongoing collaboration with the district society and support for initiatives that will advance ICAN’s mission and visibility across the state. Although the tenure of sole administrators across Rivers State’s 23 LGAs remains uncertain—pending local government elections and the recent screening of electoral commission chairmen—experts believe the early foundation laid through ICAN’s engagement could give Ikwerre LGA a competitive edge in governance and service delivery, even beyond the current administration. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

In a bid to support taxpayers ahead of the June 30 Companies Income Tax (CIT) filing deadline, the Federal Inland Revenue Service (FIRS) has announced the extension of tax office operations to weekends throughout the month of June. The directive, issued by FIRS Executive Chairman, Mr. Zacch Adedeji, was conveyed through a statement by his Special Adviser on Media, Mr. Dare Adekanmbi, who noted that the move aligns with the agency’s commitment to delivering on its customer-centric service policy. “With this directive, tax offices will be open from 10:00 a.m. to 4:00 p.m. on Saturdays and 12:00 noon to 4:00 p.m. on Sundays, starting from June 14 to June 29,” the statement said. The extended hours aim to ease the burden on companies required by law to file their annual tax returns before the end of the month, especially those whose financial year ends on December 31. The FIRS highlighted that June marks the peak of the Companies Income Tax (CIT) filing season, and the additional weekend support will assist taxpayers in meeting their obligations promptly. According to the agency, coordinating directors across the Large Taxpayers Group, Government and Medium Taxpayers Group, and Emerging Taxpayers Group have already communicated the management’s directive to relevant staff nationwide. The statement further emphasized Mr. Adedeji’s broader reform agenda since assuming office, which has included a strategic reorganization of FIRS operations aimed at streamlining tax processes and enhancing taxpayer experience. These reforms have positioned FIRS not just as a tax collector, but as a service-driven institution. Taxpayers are encouraged to take advantage of the extended hours to file returns and avoid last-minute penalties. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Corporate Affairs Commission (CAC) has announced a scheduled review of its service fees, with the updated charges set to take effect from August 1, 2025. In a public notice released on Tuesday, the Commission stated that the review comes after a thorough assessment of current economic conditions, increasing operational expenses, and consultations with key stakeholders. According to the CAC, the revision is aimed at enhancing its capacity to deliver more efficient, technology-driven services that better serve Nigerian businesses and the broader economic landscape. “The Commission wishes to inform the general public, esteemed customers, and stakeholders that in its continued effort to improve service quality and delivery, it has become necessary to review certain service fees effective from August 1, 2025,” the statement read. The notice emphasized that the fee adjustment is modest and competitive, and is part of a broader strategy to maintain the integrity of the Nigerian Corporate Registry while improving service delivery through digitized operations. Reiterating its commitment to service excellence, the CAC assured stakeholders that the new fee structure is essential for sustainability and ongoing improvements in regulatory services. “We remain committed to transparency, accountability, and customer satisfaction as we strive to build a more resilient and responsive corporate regulatory environment,” the Commission added. The revised fees will affect a wide range of services, including those related to companies, business names, limited partnerships, and incorporated trustees. This change is expected to impact business owners, legal professionals, compliance officers, and other stakeholders engaged in post-incorporation and regulatory activities with the CAC. A comprehensive list of the updated service fees is available on the Commission’s official website. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Lagos State Government has restated its dedication to implementing effective and transparent tax practices, as part of broader efforts by Nigerian states to increase internally generated revenue for infrastructural growth. This reaffirmation came from the Governor of Lagos State, Mr. Babajide Sanwo-Olu, during the investiture ceremony of Mr. Innocent Ohagwa as the 17th President of the Chartered Institute of Taxation of Nigeria (CITN). Represented by his Special Adviser on Taxation and Revenue, Mr. Opeyemi Ogungbo, the Governor assured the institute of the state’s continued collaboration to foster voluntary tax compliance. Sanwo-Olu praised CITN’s pivotal role in shaping tax policy and reforms across Nigeria, noting that its contributions have strengthened the country’s tax system and elevated professional standards within the sector. He expressed strong confidence in Mr. Ohagwa’s ability to lead CITN forward, citing his wealth of experience in taxation, spanning over 30 years, and his various leadership roles across the African continent. The Governor also challenged the new president to embrace innovation in tax practice, emphasizing that his leadership comes at a crucial time in Nigeria’s fiscal journey. He pledged the state government’s full support throughout his tenure. Delivering the keynote address, Professor Muhammad Mainoma, a Professor of Accounting at Nasarawa State University, spoke on the theme, “The Tax Professionals of Tomorrow: Skills, Ethics, and Innovation.” He emphasized that traditional tax models are no longer sufficient in today’s rapidly evolving global economy. With growing demands for transparency and accountability, he said tax professionals must adapt to new global standards, including the Base Erosion and Profit Shifting (BEPS) project, the Common Reporting Standard (CRS), and the global minimum tax initiative. Professor Mainoma highlighted the increasing expectations for ethical conduct in tax practice, stressing that in an era where public trust is fragile, tax professionals must uphold integrity to maintain confidence in the tax system. In his acceptance speech, Mr. Ohagwa reaffirmed his commitment to the institute’s mission. He outlined his strategic priorities, which include capacity building for taxation stakeholders, strengthening partnerships for effective fiscal reform implementation, and improving service delivery processes within the sector. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Navigating the complexities of taxation in Nigeria can be daunting for individuals and businesses alike. With an evolving tax landscape, understanding the principles and practice of Nigerian tax planning and management is essential for compliance, financial optimization, and sustainable growth. At Sunmola David & CO, we specialize in helping our clients master these principles to achieve their financial goals. In this article, we explore the fundamentals of Nigerian tax planning and how effective management can benefit you. What is Tax Planning and Management? Tax planning involves strategically organizing your financial affairs to minimize tax liabilities while remaining compliant with Nigerian tax laws. Tax management, on the other hand, encompasses the ongoing process of monitoring, reporting, and ensuring adherence to tax obligations. Together, they form a proactive approach to handling taxes efficiently. In Nigeria, tax planning and management are governed by laws such as the Personal Income Tax Act (PITA), Companies Income Tax Act (CITA), Value Added Tax Act (VATA), and other regulations administered by the Federal Inland Revenue Service (FIRS) and state tax authorities. Core Principles of Nigerian Tax Planning Effective tax planning in Nigeria is built on several key principles: 1. Compliance with Tax Laws Adhering to Nigerian tax regulations is non-negotiable. Non-compliance can lead to penalties, audits, or legal consequences. A sound tax plan ensures that all filings, payments, and documentation align with FIRS and state requirements. 2. Tax Efficiency Tax efficiency involves leveraging legitimate opportunities to reduce tax liabilities. This may include claiming allowable deductions, tax reliefs, exemptions, or incentives provided under Nigerian tax laws, such as pioneer status for qualifying businesses. 3. Proactivity and Foresight Anticipating changes in tax policies and planning ahead is critical. For instance, recent reforms like the Finance Act 2023 have introduced significant changes to Nigeria’s tax system. Staying informed allows you to adapt and optimize your tax strategy. 4. Risk Management Effective tax planning minimizes exposure to risks such as disputes with tax authorities. This involves maintaining accurate records, conducting regular tax health checks, and addressing potential red flags before they escalate. 5. Customization Every individual or business has unique financial circumstances. A one-size-fits-all approach to tax planning is ineffective. Tailored strategies that align with your income, business model, and long-term goals are essential. Practical Steps in Nigerian Tax Planning and Management Implementing a robust tax strategy requires practical steps. Here’s how Sunmola David & CO guides clients through the process: 1. Assess Your Tax Position We begin by conducting a comprehensive review of your financial situation, including income sources, business operations, and existing tax obligations. This helps identify areas for optimization and compliance gaps. 2. Leverage Tax Incentives Nigeria offers various tax incentives to encourage investment and economic growth. For example: Our experts help you identify and apply for incentives that align with your business activities. 3. Optimize Deductions and Reliefs Individuals and businesses can claim deductions and reliefs to reduce taxable income. For individuals, this includes reliefs like Consolidated Relief Allowance (CRA) and deductions for pension contributions. For businesses, allowable expenses such as operational costs can lower taxable profits. 4. Plan for Value Added Tax (VAT) VAT is a significant component of Nigeria’s tax system, currently charged at 7.5%. Businesses must register for VAT, file returns promptly, and manage input and output VAT effectively. We assist clients in streamlining VAT compliance to avoid penalties. 5. Stay Ahead of Deadlines Missing tax filing or payment deadlines can result in hefty fines. We provide reminders and support to ensure timely submission of returns, including PAYE (Pay As You Earn), Withholding Tax, and Corporate Income Tax filings. 6. Engage in Regular Tax Audits Periodic tax audits help identify discrepancies and ensure compliance. Our team conducts mock audits to prepare you for FIRS or state tax authority reviews, reducing the risk of unexpected liabilities. Challenges in Nigerian Tax Planning Despite its benefits, tax planning in Nigeria comes with challenges: At Sunmola David & CO, we address these challenges with tailored solutions, expert guidance, and cutting-edge tools to simplify the process. Why Choose Sunmola David & CO? As a leading tax consultancy in Nigeria, we bring decades of experience and a client-centric approach to tax planning and management. Here’s why businesses and individuals trust us: Take Control of Your Taxes Today Effective tax planning and management can transform your financial future. Whether you’re an individual seeking to optimize your personal income tax or a business aiming to maximize profitability, Sunmola David & CO is here to help. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

Development expert, Michael Ale, has emphasized the need for Nigerians to prioritize tax compliance as a vital solution to the country’s persistent challenges, including underdeveloped social infrastructure, economic stagnation, and lack of meaningful development. In a Democracy Day statement released to journalists in Ado-Ekiti on Thursday, Ale urged citizens to recognize the importance of paying taxes as a civic duty, which would empower government at all levels to fulfill their responsibilities and deliver essential public services. “The payment of taxes is crucial,” Ale said. “It gives the government the capacity to provide critical infrastructure and support national growth. When citizens fulfill this obligation, they are in a stronger position to hold their representatives accountable and demand the dividends of democracy.” Ale illustrated the impact of tax compliance by citing Lagos State, where local government areas with substantial internally generated revenue have, in some cases, operated with budgets exceeding those of entire states. He argued that such progress is achievable nationwide if local councils are granted autonomy and citizens pay taxes promptly. Commending President Bola Ahmed Tinubu for removing the fuel subsidy to boost available government funds, Ale encouraged the administration to maintain its focus on citizens’ welfare and continue to create an environment that fosters growth and opportunity. “President Tinubu started his administration by ensuring sufficient funds were available through subsidy removal,” he noted. “This fiscal step has helped reduce inter-state conflicts over limited federal allocations. Governors are now more focused on managing resources and delivering good governance.” However, Ale stressed that the availability of funds alone is not enough. He called on the government to create an enabling environment where citizens, especially entrepreneurs, can operate without fear of sudden policy changes or systemic inefficiencies. “We now have more money, but has it translated into real progress for ordinary Nigerians?” he asked. “Do children enjoy affordable quality education? Are there jobs? Are social amenities improving? A government’s primary role is to create an environment where citizens can thrive—where businesses grow, education is accessible, and health and security are guaranteed.” Drawing comparisons with more developed countries, Ale noted that effective taxation and infrastructure development go hand in hand. “In developed nations, people pay taxes on virtually every utility they enjoy, and in return, governments provide consistent infrastructure, security, and opportunities,” he said. He criticized the tendency of Nigerian leaders to seek personal glorification instead of focusing on systemic governance. “In many developed countries, the system works so well that you rarely know who is in power. Here, leaders are often more prominent than the infrastructure they’re meant to deliver.” Ale praised Oyo State Governor Seyi Makinde for his focus on sustaining developmental legacies, saying other governors could learn from his example. “Governor Makinde has shown what’s possible with a strong governance vision. Sustaining progress should be the goal for every administration.” He further urged the federal government to introduce leadership training programs in schools, describing it as essential for nurturing a generation of responsible, visionary leaders. “This idea came to me in a dream,” Ale revealed. “Our youths must be equipped with leadership skills now if we want a brighter future. Good governance can solve virtually all our problems—from insecurity to economic instability. We must start preparing tomorrow’s leaders today.” In conclusion, Ale emphasized that taxation, effective governance, and youth leadership development are interconnected pillars that must be strengthened to secure Nigeria’s long-term prosperity. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Federal Inland Revenue Service (FIRS) has introduced a new standardized tax Standard Operating Procedure (SOP), aimed at enhancing clarity, consistency, and transparency in Nigeria’s tax administration. This initiative forms part of a wider national tax reform agenda designed to streamline operations and improve public trust in the revenue system. Covering more than 300 FIRS offices across the country, the SOP is intended to resolve long-standing inconsistencies in taxpayer interactions and compliance processes. In a statement on Tuesday, Mr. Collins Omokaro, Special Adviser on Communications and Advocacy to the FIRS Executive Chairman, emphasized the need for this reform, noting that varying practices across offices had created confusion and hindered voluntary compliance. He described the SOP as a roadmap toward a more efficient and citizen-focused tax experience. The new SOP introduces a unified set of procedures for core tax activities such as registration, payment, auditing, and enforcement. By aligning these processes nationwide, FIRS aims to simplify tax compliance for individuals and businesses, making it easier to understand obligations and interact with the tax system. Dr. Zacch Adedeji, the FIRS Executive Chairman, highlighted the SOP’s deeper significance beyond technical improvements. He characterized it as a reflection of the agency’s transformation into a transparent, service-driven institution committed to national progress and operational excellence. The SOP also complements FIRS’s ongoing digital transformation, which combines human expertise with technology to deliver faster, more reliable services. The new guidelines are expected to improve internal efficiency, standardize staff training, and provide clear direction for employees across all branches. According to Omokaro, the successful implementation of the SOP relies on every staff member embracing it fully: “From today, every FIRS staff member has a mandate—study it, apply it, embody it. That’s how we’ll earn the trust of Nigerians.” By removing ambiguity and ensuring uniformity across locations, the SOP is expected to make tax administration more predictable and accessible. FIRS sees this reform as central to its evolution from an enforcement-heavy agency to a service-oriented authority, aimed at supporting economic growth and national development goals. Experts have welcomed the move as timely and crucial for fostering voluntary compliance. The SOP rollout is also a key component of FIRS’s broader modernization drive, which includes digitized tax solutions, expanded taxpayer education, and enhanced institutional accountability. As Nigeria looks to increase non-oil revenue, building a fair, efficient, and trusted tax system is essential. With the new SOP, FIRS aims to reduce administrative burdens while improving service delivery and boosting confidence in the country’s tax framework. If effectively implemented and backed by consistent enforcement and engagement with stakeholders, this development could signal a major shift in Nigeria’s tax landscape. FIRS’s commitment to transparency, uniformity, and public service positions it as a vital driver of national development. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.