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The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has stated that the proposed tax reform bill will significantly ease the financial burden on small businesses and foster a more growth-friendly environment. SMEDAN’s Director-General, Mr. Charles Odii, made this known during a stakeholder engagement on tax reforms held on Friday in Abuja. The event, themed “Understanding the Tax Reform Bills: Benefits and How MSMEs Can Maximise Tax,” brought together key players in the MSME sector. Odii explained that the bill, once passed, would eliminate multiple taxations and exempt businesses earning less than N100 million annually from major taxes such as VAT, CIT, and PAYE. “Nigeria has 39.6 million MSMEs, and the first step toward their success is proper sensitisation,” Odii said. “Many small business owners don’t yet realise that this reform could free them from several taxes.” He praised the House of Representatives for passing the bill and called on the Senate to do the same, stressing that when small businesses flourish, the broader economy benefits. Dr. Abdulrashid Yerima, President of the Nigeria Association of Small and Medium Enterprises (NASME), also commended the reforms, noting that they directly address long-standing challenges like multiple taxation and arbitrary levies from various government agencies. “Our members have struggled with import duties, turnover levies, and random charges from state and local governments,” Yerima said. He urged for robust enforcement of the reforms to prevent unauthorised tax collections. The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, highlighted the need to overhaul Nigeria’s tax system to promote economic growth and reduce burdens on small businesses. He revealed that the committee’s proposals include eliminating VAT and withholding tax for businesses with annual revenues below N100 million and exempting salaries up to N100,000 per month from PAYE tax. “These reforms are not just about revenue collection,” Oyedele said. “They’re designed to reduce administrative burdens and give small businesses room to grow and innovate.” He stressed the importance of data-driven policymaking, citing collaboration with organisations like the Faith Institute to gather reliable data on MSME challenges. Mrs. Linda Omubo-Pepple, SMEDAN’s Director of Partnership and Coordination, added that collaboration between government and business stakeholders remains crucial in shaping effective tax policies. “The impact of these reforms will be felt across industries, and open dialogue is key,” she said. The engagement session, attended by key MSME stakeholders and government representatives, allowed business owners to ask questions and gain a clearer understanding of the reform bill’s provisions. 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.

Avoid Costly Penalties: Your Complete Guide to Nigeria’s Tax Compliance Guide Prepared by Sunmola David, BSc, MSc, FCA, FCTI Managing Partner, SUNMOLA David & Co (Chartered Accountants and Chartered Tax Practitioners) Contact: +2348038460036 | Website: www.sunmoladavid.com WhatsApp: +2348038460036 Nigerian tax laws require all companies and business names to file yearly tax returns and submit statutory documents. If you fail to comply, the Federal Inland Revenue Service (FIRS) may issue a Best of Judgment (BOJ) assessment against your business. This could result in unnecessary financial penalties. To avoid these problems, business owners must file all required returns on time. A. Federal Inland Revenue Service (FIRS) Tax Returns Both companies and business names must file the following returns with FIRS: Company Income Tax (CIT) – For Companies OnlyCompanies must submit annual tax returns together with their audited financial statements. The deadline for filing is within six months after the end of the company’s financial year. Value Added Tax (VAT) – For Companies and Business NamesBusinesses must file monthly VAT returns using Form 002. This form should include details of input and output VAT. The due date for submission is the 21st of the following month. Withholding Tax (WHT) – For Companies and Business NamesBusinesses must file monthly returns for taxes deducted from payments made to contractors, service providers, and other recipients. The deadline for filing is the 21st of the following month. Education Tax (ET) – For Companies OnlyCompanies must pay 3% of their assessable profit as Education Tax. This tax is filed annually along with the Company Income Tax (CIT) return. National Information Technology Development Levy (NITDL)This levy applies to companies in designated sectors such as banking, telecommunications, and insurance. The amount is calculated as a percentage of profit before tax. Capital Gains Tax (CGT)Businesses must declare and pay Capital Gains Tax on profits made from selling chargeable assets such as land, buildings, or investments. Important Note for Business Name Owners:Business names are not required to pay Company Income Tax (CIT). Instead, the owners must file Direct Self-Assessment Tax under the Personal Income Tax Act (PITA) with the State Inland Revenue Service (SIRS) where they operate. B. Corporate Affairs Commission (CAC) Annual Returns Annual Returns FilingBoth business names and companies must file annual returns using Form CAC 10. The deadline for submission is 42 days after the Annual General Meeting (AGM). Reporting Changes in Company DetailsIf there are any changes in company details—such as directors, shareholders, or registered address—these updates must be reported to CAC immediately. C. State Inland Revenue Service (SIRS) Returns Businesses operating in any Nigerian state must comply with the following requirements: Pay-As-You-Earn (PAYE) ReturnsEmployers must file monthly returns for taxes deducted from employees’ salaries. The deadline for submission is the 10th of the following month. Development LevyThis is an annual levy that applies to all employees and businesses. Business Premises LevyBusinesses must renew their premises levy every year for all registered locations. Direct Assessment (For Sole Proprietors and Business Name Owners)Owners of unincorporated businesses must file personal income tax returns under the Direct Self-Assessment system. D. Nigeria Social Insurance Trust Fund (NSITF) Returns Monthly Pension ContributionsEmployers must remit both employee and employer pension contributions to a Pension Fund Administrator (PFA) every month. The deadline for payment is the 7th of the following month. Pension Compliance CertificateCompanies bidding for government contracts must obtain this certificate to prove compliance with pension laws. E. Nigeria Social Insurance Trust Fund (NSITF) Returns Monthly Employee ContributionsEmployers must make monthly contributions for employee social insurance coverage. The deadline for remittance is the 31st of the following month. F. Industrial Training Fund (ITF) Returns Annual Training ContributionCompanies with five or more employees must pay 1% of their annual payroll costs to the ITF. The payment is due once a year, based on the company’s financial year. G. National Housing Fund (NHF) Returns Monthly Employee and Employer ContributionsEmployees earning ₦3,000 and above must contribute 2.5% of their salary to the NHF. Employers must remit these contributions along with their own portion. The deadline is the 10th of the following month. H. Financial Reporting and Audited Accounts Audited Financial StatementsCompanies must prepare audited financial statements and submit them with their CIT returns and annual CAC filings. Publication of Accounts (For Public Companies Only)Public companies must publish their audited financial statements in at least two national newspapers. For further assistance or professional tax advisory services, please contact SUNMOLA David & Co (Chartered Accountants and Chartered Tax Practitioners). Contact: +2348038460036 | Website: www.sunmoladavid.com WhatsApp: https://wa.me/2348038460036 Click below button to download NIgeria tax return Download the Niegria Yearly tax Please click here to share the page with others Share Now

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has highlighted that businesses in Nigeria face one of the highest tax burdens globally. Speaking at a grand reception in Lagos organized by the Student Pye Alumni (Class of 1990–1994), Oyedele revealed that Nigeria ranks among the top 10 countries with the highest corporate tax burdens. He stressed the urgent need for reform, particularly in a country striving to attract both local and foreign investment. The event honored the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chijioke Alaribe, and the Group Managing Director of First Holdco Plc, Adebowale Oyedeji. According to a statement from the organizers, Student Pye Alumni includes members who are fellows of ICAN and the Chartered Institute of Bankers of Nigeria (CIBN). Delivering a keynote address on “Understanding the Nigeria Tax Reforms,” Oyedele called for collaboration between government agencies and stakeholders on the proposed tax reform bill currently before the National Assembly. He emphasized the importance of allowing tax deductions for startup expenses incurred up to six years before a business begins operations — a move he believes would encourage entrepreneurship and support business growth. “We impose heavy tax burdens on businesses of all sizes,” Oyedele stated. “Nigeria ranks among the top 10 highest in corporate tax globally, yet we desperately need investment. We tax poverty, capital, and investment itself. We even collect taxes in advance, regardless of whether businesses ultimately make a profit.” He advocated for exempting small businesses from certain taxes, reducing the tax burden on larger enterprises, and harmonizing tax structures to drive economic growth and protect low-income earners. He urged all stakeholders to rally behind the bill as a foundation for transforming the Nigerian economy. The event was attended by former school directors and the Commissioner for Finance of Abia State, Uwaoma Ukandu, who represented the Governor of Abia State, Alex Otti. In their closing remarks, the Student Pye Alumni congratulated the honorees and encouraged them to continue demonstrating excellence and resilience. They also called on Micro, Small, and Medium Enterprises (MSMEs) across Nigeria to actively engage in ongoing tax reform discussions. 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.

Flutterwave Empowers Digital Tax Payments for Nigeria’s Federal Inland Revenue Service Payments technology company, Flutterwave, has begun enabling digital tax collections for Nigeria’s Federal Inland Revenue Service (FIRS), positioning itself as one of the few fintech companies aiding the government in modernizing tax payment systems. This collaboration allows the FIRS to utilize Flutterwave’s robust and secure payment infrastructure to collect taxes, levies, and various payments from businesses and individuals nationwide. Flutterwave’s payment platform streamlines the tax payment process for individuals, small and medium enterprises (SMEs), and large corporations, offering a fast, transparent, and accessible experience. By integrating with the FIRS, Flutterwave offers a wide range of digital payment options, real-time reporting and tracking features, offline payment capabilities, and a secure system for Nigerians, both within the country and abroad. Olugbenga ‘GB’ Agboola, CEO of Flutterwave, remarked: “At Flutterwave, we are committed to leveraging technology to enhance efficiency and foster economic growth. By simplifying and increasing transparency in tax payments, we are contributing to the digitization of government collections and supporting national development, in line with our mission.” This integration brings several key benefits, including real-time payment tracking, various digital and mobile payment options, offline payment capabilities, improved transparency for taxpayers and the FIRS, and an easy way for Nigerians in the diaspora to pay their taxes. These innovations align with the FIRS’s goal of modernizing government collections and enhancing the user experience. Olufunmilayo Olaniyi, Senior Vice President of Business Development at Flutterwave, emphasized the company’s focus on supporting Nigerians: “Collaborating with the public sector is essential in shaping the future of digital payments in Nigeria. This partnership highlights our commitment to delivering solutions that better serve Nigerians, build trust, and drive innovation through strategic collaboration.” With its extensive experience across Africa, Flutterwave continues to play a pivotal role in Nigeria’s public sector digitization efforts. In 2024, Flutterwave also partnered with the Economic and Financial Crimes Commission (EFCC) to establish a cybercrime research center, further solidifying its commitment to financial security and innovation. As a key player in facilitating government tax collections, Flutterwave remains at the forefront of fintech solutions that enhance business operations and foster growth in Nigeria and beyond. 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 Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has announced that the agency is re-strategizing to boost voluntary tax compliance among the public. He made this known at the West Africa Tax Administrators Forum (WATAF) Country Correspondents Conference and Training for Heads of Corporate Communications, held yesterday in Abuja. Speaking at the event, Dr. Adedeji emphasized the critical role of effective communication in tax administration. “As Country Correspondents and Heads of Corporate Communications, you are the frontline ambassadors of our tax institutions — responsible for shaping narratives, clarifying policies, and fostering voluntary compliance,” he said. He also noted that the WATAF Council would deliberate on institutional sustainability, review progress reports, and oversee the operations of the WATAF Secretariat. Dr. Adedeji highlighted Nigeria’s leadership in promoting international and regional tax cooperation. “Our country has been instrumental in advancing the West African Tax Administration Forum, offering technical assistance and capacity-building to member states,” he stated. He reaffirmed FIRS’s commitment to supporting tax policy development and capacity-building initiatives, both in Nigeria and across West Africa, stressing that domestic resource mobilization is key to economic growth. The FIRS Chairman urged participants to engage actively, build stronger networks, and apply the knowledge gained to strengthen tax systems. He also commended WATAF for its consistent efforts in fostering collaboration and enhancing capacity among West African tax administrations 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.

Nigeria’s commercial hub, Lagos, is setting an ambitious target to reach a $1 trillion economy by 2052. With over 20 million residents, this city-state has long been a key driver of the nation’s economic engine, contributing significantly to Nigeria’s Gross Domestic Product (GDP). Under the leadership of Governor Babajide Sanwo-Olu, Lagos is positioning itself for significant transformation through a combination of policy reforms, infrastructure growth, and investment-driven strategies. With a current GDP of $259 billion, based on Purchasing Power Parity, Lagos ranks as the second-largest economy in Africa, behind Cairo. The Lagos government recently released the Lagos Economic Development Update 2025, which highlights key strategies for long-term growth. These strategies include attracting foreign direct investment, reforming fiscal policies, and focusing on large-scale infrastructure projects. Analysts believe Lagos can achieve its bold goal if it continues on its current developmental path. In 2023, Lagos contributed N43.06 trillion, or 18.38 percent, to Nigeria’s total GDP, according to the National Bureau of Statistics and Lagos Bureau of Statistics. By mid-2024, its share had increased to 22.36 percent, signaling its growing economic influence. Governor Sanwo-Olu, at the unveiling of the report, stated that Lagos is not just growing, but leading, with a GDP of $259 billion, cementing its position as Africa’s second-largest city economy. For the governor, this milestone is more than a statistic; it represents the strength of Lagos’ economy, the resilience of its people, and the city’s role as a hub for trade, investment, and opportunities. He emphasized that economic indicators such as PPP are crucial in reflecting true economic strength, competitiveness, and cost-of-living advantages. From infrastructure to technology, tourism to manufacturing, Lagos is driving sustainable growth and remains at the forefront of Africa’s economic transformation. Development economist Illias Aliyu suggested that Lagos should tap into its coastal economy, expand trade partnerships, and improve infrastructure to achieve its $1 trillion economy goal by 2052. He pointed to the state’s maritime sector, which benefits from the newly created Ministry of Marine and Blue Economy, as a significant area for growth. Aliyu believes the new Minister of Marine and Blue Economy, Adegboyega Oyetola, has a vital role in attracting investment into ports and inland waterways, which could enhance trade, create jobs, and boost economic development. Ope George, Commissioner for Economic Planning and Budget, reiterated the government’s focus on diversifying the economy, increasing revenue mobilization, and advancing infrastructure development. George emphasized that Lagos remains the economic core of Nigeria and a hub for innovation, investment, and opportunity in Africa. He noted that in a rapidly changing global economy, maintaining Lagos’ leadership requires forward-thinking policies and the ability to adapt to emerging trends and risks. Foreign Investments Foreign investment is a crucial driver of Lagos’ economic growth. In Q3 2024, Lagos saw a 110.59 percent increase in capital importation, a major boost amidst Nigeria’s broader economic challenges. The Lekki Free Zone and the recently opened Lekki Deep Seaport are key assets in attracting foreign capital and positioning Lagos as a critical player in West Africa’s trade and transshipment networks. Aliyu also highlighted the importance of Lagos’ manufacturing sector and export potential in driving growth. He suggested that expanding the city’s airport cargo capacity—similar to that of Chicago’s O’Hare International Airport—would facilitate the export of agricultural and petroleum products, helping to boost trade. Strengthening trade relations with other states could further expand exports and economic cooperation. Aliyu also mentioned that Lagos, as Africa’s second-largest economy, could enhance its position with targeted investments in the blue economy. Revenue Generation Lagos continues to be Nigeria’s highest revenue-generating state, but its revenue collection potential remains underutilized. In 2023, the state generated N651 billion in internally generated revenue, the highest in the country. However, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, pointed out that Lagos’ revenue collection is still below two percent of its GDP despite its large economic size. Oyedele suggested that optimizing property taxation could generate at least N1 trillion annually, given that many high-value properties remain undervalued or untaxed. He proposed reforms like streamlining land titling, incentivizing compliance, and ensuring transparent property valuation systems to help increase revenue. Oyedele also recommended expanding personal income tax, particularly by leveraging technology to capture high-income earners, and formalizing the informal sector, especially in Lagos’ digital and creative industries. Entrepreneurs, content creators, and event planners should contribute fairly to the tax system without facing heavy burdens. Moreover, improving the ease of payment through digital platforms would encourage greater participation in the tax system. Infrastructure Infrastructure development is vital to achieving Lagos’ $1 trillion economy target. The Lagos Economic Development Unit (LEDU) report projects the city’s economy will grow from N43.06 trillion in 2023 to N54.77 trillion in 2024 and N66.47 trillion in 2025, driven by services, trade, transport, IT, and finance. The expansion of transport infrastructure, such as the Blue and Red Rail Lines, is expected to alleviate traffic congestion, reduce commuting times, and improve business efficiency. Lagos’ notorious traffic congestion has long been a challenge, costing businesses billions in lost productivity. Analysts believe expanding the rail system and upgrading the road network will help mitigate these losses, improve mobility, and enhance overall economic activity. The manufacturing sector is also expected to expand, supported by industrial hubs and export-processing zones. However, unreliable electricity remains a major obstacle, with Lagos receiving only about 1,000 megawatts from the national grid, far below the city’s estimated demand of 9,000 to 12,000 MW. This electricity shortfall forces businesses and residents to rely on costly and polluting generators, adding N5.3 trillion annually to business and household costs. To address this, analysts have called for greater investment in energy security, including renewable energy and decentralized power solutions, to provide a more sustainable and cost-effective electricity supply. Policy, Innovation, and Job Creation Achieving a $1 trillion economy will require more than infrastructure investment. Experts agree that policy consistency, economic stability, and targeted industrialization are essential to sustaining long-term growth. Analysts stress that Lagos should leverage technology and innovation to enhance productivity across key

Nigeria’s Tax Reform: A Lifeline or Another Economic Misstep? The Nigerian House of Representatives has recently passed four major tax reform bills, signaling a potential shift in the country’s revenue system. While the government presents these reforms as crucial for economic stability and long-term growth, the amendments introduced by the House have sparked debate over their actual impact. With the Senate set to review the bills, Nigerians are left wondering if these measures will provide real economic relief or merely serve as another temporary fix that fails to address deeper structural challenges. The Senate’s Next Step: Compromise or Confrontation? As the bills await Senate review, lawmakers face an important decision: approve them as passed by the House or introduce further revisions. One of the key points of debate is the decision to retain the current 7.5 percent Value Added Tax (VAT) rate, instead of the initially proposed increase to 12.5 percent by 2026. While this decision offers some short-term relief to consumers and businesses already struggling with inflation, it raises concerns about the government’s ability to meet its revenue goals without relying on excessive borrowing. Another significant issue is the reallocation of VAT revenue among states. The original proposal suggested allocating 60 percent of VAT proceeds to high-revenue states like Lagos, where economic activity is concentrated. However, the House modified this distribution, reducing the allocation to 30 percent and opting for a more even redistribution. This change, likely made to address concerns from states with lower VAT contributions, revives the longstanding North-South revenue allocation debate. The Senate now faces the challenge of balancing regional interests while ensuring a fair and effective tax system. The Broader Economic Impact Beyond the immediate tax adjustments, the broader economic consequences of these reforms must be considered. Nigeria has long struggled with generating sufficient revenue, relying heavily on crude oil exports, which are subject to price fluctuations. The push for tax reform aligns with global best practices aimed at expanding non-oil revenue sources, but concerns remain about whether these proposed measures will be enough to foster sustainable economic growth. A major concern is the potential impact on businesses and investments. The uncertainty surrounding tax policy changes can deter both local and international investors. While a stable tax environment is necessary for economic planning, inconsistent policies risk undermining investor confidence. The decision to reject the VAT hike may offer temporary relief, but without alternative sources of revenue, the government could be forced to increase borrowing, further exacerbating Nigeria’s debt burden. Additionally, the success of tax reforms depends not just on revenue generation but also on fiscal transparency and efficient public spending. Many Nigerians are skeptical about whether increased tax revenue will translate into improved infrastructure, healthcare, and education. Without corresponding efforts to curb government waste and corruption, higher taxes may only fuel public frustration. A Path Forward As the Senate prepares to deliberate, a balanced approach is critical. The tax reforms should aim to broaden the tax base, ensuring sustainable revenue generation without burdening businesses and consumers. Rather than focusing solely on VAT adjustments, the government should explore innovative strategies, such as improving tax compliance, reducing leakages, and leveraging technology to enhance tax collection. Moreover, fiscal discipline and transparency must accompany any tax reforms. Nigerians need assurances that increased revenue will be used effectively for development rather than lost to inefficiencies. Strengthened accountability measures, along with clear communication from the government, can help build public trust and encourage compliance. In the coming weeks, the Senate’s position on these tax reforms will play a significant role in shaping Nigeria’s economic future. Whether these reforms prove to be a lifeline for economic stability, or another policy misstep will depend on policymakers’ willingness to address the root causes of revenue shortfalls while creating an environment conducive to growth. The real challenge now is not just passing the reforms, but ensuring they act as a catalyst for true economic transformation. 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 House of Representatives on Tuesday passed four tax reform bills originally submitted to the National Assembly by President Bola Tinubu in October 2024. Last Thursday, the House had reviewed and approved the report of the Committee on Finance, which addressed key recommendations, especially on contentious issues like Value Added Tax and inheritance tax. With the House’s approval secured, attention now shifts to the Senate, where the bills are expected to pass before being transmitted to the President for assent. During Tuesday’s plenary, House Leader Julius Ihonvbere moved for the third and final reading of the bills. He said: “Mr Speaker and Honourable colleagues, A bill for an Act to provide for the assessment, collection, and accounting of revenue accruing to the Federation, Federal, State, and Local Governments; prescribe the powers and functions of tax authorities; and for related matters, be read for the third time. A bill for an Act to repeal the Federal Inland Revenue Service (Establishment) Act No. 13, 2007, and enact the Nigeria Revenue Service (Establishment) Bill to establish the Nigeria Revenue Service, charged with the powers of assessment, collection, and accounting of revenue accruing to the Federation, and for related matters, be read for the third time. A bill for an Act to establish the Joint Revenue Board, the Tax Appeal Tribunal, and the Office of the Tax Ombud for the harmonisation, coordination, and settlement of revenue administration disputes in Nigeria, and for related matters, be read for the third time. A bill for an Act to repeal certain existing tax laws, consolidate the legal framework relating to taxation, and enact the Nigeria Tax Act to provide for the taxation of income, transactions, and instruments, and for related matters, be read for the third time.” All four bills were passed with overwhelming support, under the presiding leadership of Speaker Tajudeen Abbas. Once the Senate passes its versions of the bills — and both chambers harmonise any differences — they will be sent to the President for assent. Notably, the process faced resistance from some lawmakers, particularly from the North, who, aligning with their governors, called for the withdrawal of the bills for further consultation. 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.

On Thursday, Nigeria’s House of Representatives approved significant amendments to four tax reform bills submitted by President Bola Tinubu in October. The bills—the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill—aim to modernize tax collection, distribution, and governance across federal, state, and local levels. During the plenary session presided over by Speaker Abbas Tajudeen, lawmakers addressed critical issues such as inheritance tax, Value Added Tax (VAT) rates, revenue distribution, and the continued funding of agencies like TETFUND, NASENI, and NITDA from development levies. The amendments followed a clause-by-clause review led by James Abiodun Faleke, Chairman of the Committee on Finance. Key Amendments and Provisions The bills, now passed by the lower chamber, will proceed to the Senate for further approval before being sent to President Tinubu for final assent. 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.