TAX SERVICES

The Federal Inland Revenue Service (FIRS) is gearing up to host its highly anticipated 2025 Tax Clinic, a flagship initiative dedicated to enhancing tax awareness and compliance among small businesses, startups, and operators in Nigeria’s informal sector. Organized by the Emerging Taxpayers’ Group (ETG), this two-day event will take place on Tuesday, July 15, and Wednesday, July 16, 2025, at Marcellina’s Place, located beside the Radisson Blu Hotel in Ikeja GRA, Lagos. The clinic will run daily from 8:00 AM to 5:00 PM. Under the theme “Tax Clinic for Tax Clarity,” the event aims to simplify complex tax processes and provide practical, hands-on support to new and prospective taxpayers. Attendees will have the opportunity to engage in expert presentations, panel discussions, interactive service desks, and live Q&A sessions covering essential topics such as tax filing, business registration, and dispute resolution. Dr. Zacch Adedeji, Executive Chairman of FIRS, emphasized the importance of the initiative, stating:“This Tax Clinic demonstrates our dedication to fostering voluntary compliance by bringing tax education directly to the people. It plays a vital role in building trust, transparency, and inclusiveness within Nigeria’s tax system.” Participants will also gain access to representatives from key institutions including the Lagos State Internal Revenue Service (LIRS), Joint Tax Board (JTB), Corporate Affairs Commission (CAC), Tax Appeal Tribunal (TAT), National Identity Management Commission (NIMC), Nigerian Investment Promotion Commission (NIPC), and professional bodies such as CITN, ICAN, ANAN, NBA, and NMA. In addition to tax services, the Nigerian Medical Association will provide free basic medical screenings on-site. The first 300 in-person registrants will receive complimentary branded gifts. This event is open to all, especially business owners, self-employed individuals, trade groups, and professionals. For those unable to attend physically, a live stream will be available to join virtually. 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 International Monetary Fund (IMF) has endorsed Nigeria’s choice to postpone raising the Value Added Tax (VAT) rate, citing the country’s ongoing struggles with high poverty and food insecurity. In its recent Article IV consultation report, the IMF stated that deferring the VAT hike is a reasonable approach, especially since the national cash transfer system designed to assist the most vulnerable households is not yet fully implemented. This recommendation comes as Nigerian households face rising living costs coupled with stagnant income growth—factors that could be exacerbated by new tax burdens. The IMF’s guidance aligns with Nigeria’s broader fiscal reform agenda, which aims to modernize tax collection systems and improve public finance efficiency. Despite recent progress, the Fund noted that Nigeria still maintains one of the lowest revenue-to-GDP ratios globally. New tax reform bills, developed by the Presidential Committee on Fiscal Policy and Tax Reforms and recently enacted into law, are expected to overhaul the VAT and Corporate Income Tax (CIT) systems to boost compliance and enforcement. Nigerian authorities see significant medium-term benefits from these reforms, with the IMF providing ongoing capacity development support, including the placement of a resident advisor. However, the IMF cautioned that delaying the VAT increase will result in a short-term reduction in consolidated government revenue by up to 0.5% of GDP. The federal government may offset some losses through higher corporate tax collections, but state and local governments will likely feel the impact most acutely. Without alternative revenue sources, subnational governments may need to increase their own tax collections or reduce spending, the report warns. Rather than rushing to increase VAT rates, the IMF recommends that Nigeria focus on building long-term fiscal credibility and sustainability. The Fund suggests authorities commit to a clear timeline for implementing future tax policy measures within an updated medium-term fiscal framework. Such a strategy, the IMF argues, will strengthen investor confidence, clarify available resources, and safeguard development and social protection programs for vulnerable populations. The IMF’s technical assistance continues to play a crucial role in helping Nigeria balance the urgent need for increased revenue with the imperative to protect its poorest citizens. 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) is giving Micro, Small, and Medium Enterprises (MSMEs) across Nigeria more reasons to stay compliant. Through a newly launched incentive scheme, FIRS is offering cars, cash prizes, and other valuable rewards to businesses that consistently file their tax returns and pay taxes on time. Promoting a Stronger Tax Culture This initiative is part of a broader effort by FIRS to build a robust and sustainable tax culture in Nigeria. Despite ongoing reforms, many entrepreneurs still operate outside the formal tax net. FIRS aims to change this narrative by providing tangible incentives for voluntary compliance. Speaking at the launch of the program, FIRS Chairman Zacch Adedeji noted that the rewards go beyond mere recognition—they are designed to promote transparency, responsibility, and fairness in business practices. “The goal is not just about giving out prizes. It’s about reinforcing the value of doing business the right way and contributing to national development,” Adedeji said. Rebuilding Trust with MSMEs For many small business owners, taxation is often viewed as a burden, exacerbated by limited access to information and perceived inefficiencies. The new reward program aims to shift that perception by showing that compliance can lead to direct benefits. Adedeji emphasized that the agency is working to simplify tax processes and foster a cooperative relationship with entrepreneurs. He encouraged business owners to see tax payment as a shared civic duty—one that benefits both the government and the private sector. Timely Compliance Comes with Rewards The program is specifically targeted at MSMEs that file accurate tax returns and pay their taxes on time. Eligible businesses stand a chance to win automobiles, cash awards, and business support packages. FIRS believes that such real-world incentives can draw more businesses into the formal economy, increasing national revenue and providing MSMEs with greater opportunities for growth and visibility. Strengthening the Relationship Between Government and Business This initiative reflects a broader strategic shift toward incentive-driven compliance rather than enforcement alone. It also demonstrates a commitment to making taxation more inclusive and business-friendly. For MSMEs, this is not just about prizes—it’s an opportunity to formalize operations, access government support, and be acknowledged as key contributors to Nigeria’s economic 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.

The Nigerian Tax Act 2025, signed into law last Thursday after months of deliberation, marks a watershed moment in Nigeria’s journey toward a more efficient, inclusive, and growth-oriented tax system. By consolidating four critical tax reform bills—the Nigerian Tax Act, Nigerian Tax Administration Act, Nigerian Revenue Service Act, and Joint Revenue Board Act—into a single, comprehensive legal framework, the government aims to simplify administration and enhance clarity for taxpayers and institutions alike. This development represents a major shift for Africa’s largest oil producer, whose overreliance on an outdated colonial-era tax structure has hindered competitiveness, fostered inefficiency, and contributed to persistent fiscal opacity. Despite having one of the lowest tax-to-GDP ratios globally, Nigeria is finally taking steps to reverse this trend. Context and Challenges Previously, Nigeria imposed over 60 different taxes and levies, many of which contributed little to public revenue but created significant obstacles for businesses and investors due to multiple taxation and a convoluted collection process. Although the country’s tax-to-GDP ratio has improved—rising from 10.8% to 13.5%—it still lags behind the African average of 16% and South Africa’s 24.5%. The new reforms aim to close this gap with a more equitable, digitised, and streamlined system. “If everything works out, Nigeria should be at a minimum of 18 to 20 per cent of GDP, translating to around N50 trillion in today’s value,”— Taiwo Oyedele, Chair, Presidential Fiscal Policy and Tax Reforms Committee (Channels TV) Yet, Nigeria’s tax gap—estimated at 70%—underscores the scale of the challenge. The FIRS has set a 2025 collection target of 57%, making enforcement and compliance a top priority. Key Institutional Changes One of the landmark features of the new framework is the establishment of the Nigerian Revenue Service (NRS), which replaces the Federal Inland Revenue Service (FIRS). Unlike its predecessor, the NRS has a broader mandate, encompassing not just tax collection, but also assessment and revenue accountability across the federation. According to Oyedele, the reform’s primary objective is not merely to raise more revenue, but to build a people-centric, growth-driven, and efficient tax system. “If you don’t address how to stimulate economic activities but want to collect more taxes, you’re chasing shadows.” Highlights of the Nigerian Tax Act 2025 ✅ Tax Exemptions ✅ Essential Goods VAT Exemption The 7.5% VAT rate is maintained, but essential goods and services—food, education, healthcare, housing, electricity, and transportation—are now exempt from VAT. Businesses can also recover VAT on inputs used before the new law’s implementation. 🔺 Tax Increases 💰 VAT Revenue Allocation State and local government allocations will be based on: Looking Ahead: Implementation in 2026 Implementation of the Nigerian Tax Act 2025 will begin in January 2026, with a strong emphasis on digitalisation, data integration, and compliance monitoring. Authorities also plan to shift greater tax responsibility toward high-net-worth individuals and large corporations, while protecting vulnerable populations and SMEs. Conclusion The Nigerian Tax Act 2025 is more than a fiscal document—it’s a blueprint for rebuilding trust in the social contract between the state and its citizens. If effectively implemented, it could catalyse inclusive economic growth, improve public services, and position Nigeria for long-term fiscal sustainability. But as always, execution is everything. The true test lies in translating this reform from legislation into real-world benefits—especially for the working class, small businesses, and underserved communities. 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 latest round of tax reforms—introduced through legislative amendments and fiscal policy announcements—has been branded by the government as transformational. With a vision to broaden the tax base, boost revenue, and reduce dependence on oil, the reforms promise a more equitable system. But the big question remains: Will they actually benefit millions of hardworking Nigerians—those earning through honest labour, entrepreneurship, and micro-enterprise? The Uneven Tax Burden Nigeria’s tax system leans heavily on indirect taxes—like VAT and levies—that disproportionately affect low-income earners. Formal sector workers already contribute through PAYE, while wealthier individuals and corporations often benefit from exemptions, loopholes, or preferential treatment. A 2023 report by the Federal Inland Revenue Service (FIRS) revealed that a staggering 70% of potential tax revenue remains uncollected. In response, the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele, has proposed sweeping reforms focused on fairness, compliance, and administrative efficiency. These include: These proposals are promising—especially for those on the margins—but their success hinges on execution, equity, and whether revenues will tangibly improve public services. For the Working Class, Skepticism Is Justified From market women and artisans to gig workers and junior civil servants, Nigeria’s working class pays taxes in myriad ways—often without formal recognition. Indirect taxes on essential goods, tolls, levies, and informal payments at local markets or checkpoints hit them hardest. Yet, many of these citizens receive little in return: failing schools, erratic power, poor healthcare, and crumbling infrastructure. While government officials claim these reforms will lighten their load, the goal of raising Nigeria’s tax-to-GDP ratio from 10.8% to 18% suggests otherwise. Without progressive taxation or reinvestment in social services, working-class Nigerians fear more take and little give. Promises vs. Practical Realities Proposed reforms like raising the VAT threshold and simplifying the tax system are necessary steps. Yet gaps persist. There is little in the reform documents about: The last major reform, the 2019 VAT hike from 5% to 7.5%, raised revenues but failed to significantly improve citizens’ lives—leaving many disillusioned. Additionally, aggressive and uncoordinated revenue collection at the state and local levels remains a serious issue. Market vendors, truck drivers, and barbers are routinely subjected to overlapping fees and unofficial levies—often with no receipt or accountability. A truly effective reform must include subnational harmonisation, capacity building, and oversight. Inclusion: Not Just a Buzzword Nigeria’s informal economy is heavily populated by women, who are overrepresented in low-margin, VAT-burdened businesses. Yet, they are rarely consulted in tax policy discussions. Persons with disabilities also face systemic barriers—from discrimination to poor infrastructure access. Although the committee has pledged a gender- and disability-inclusive approach, this must go beyond lip service. Inclusion must be enshrined in legislation, institutional processes, and implementation frameworks. Technology and Trust: A Double-Edged Sword? Digitisation is a key pillar of the reforms. Platforms like FIRS’s TaxPro Max promise transparency, efficiency, and fewer intermediaries. However, millions of Nigerians still lack internet access or digital literacy. Without bridging this digital divide, automation may simply exclude the very people it intends to help. There’s also the risk of digital surveillance. Citizens need guarantees that their data will be protected and used solely for legitimate tax and service delivery purposes—not political or commercial exploitation. The Political Elephant in the Room Ultimately, Nigeria’s biggest tax problem is not just technical—it’s political. The entrenched interests of elites who benefit from opaque tax exemptions, asset secrecy, and weak enforcement are a major barrier. Reforms must address: Reform without political will is rhetoric. True change requires transparency, accountability, and civic pressure. What a Working-Class-Centred Tax Reform Should Look Like A truly inclusive tax policy would: Taxation as a Social Contract Tax is more than a revenue tool—it is a moral contract between citizens and the state. Nigeria’s tax reform moment is an opportunity to rebuild that contract, with justice and equity at its core. Until the average artisan sees better roads, the teacher earns a livable wage, the market woman sends her daughter to school, and families access affordable healthcare, we must keep asking: Whose reform is it anyway? 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 introduced the Lagos Identity Project, a digital house-numbering system designed to improve property identification and service delivery throughout the state. Dr. Olajide Babajide, the Special Adviser to the Governor on Enterprise Geographic Information System, stated that this initiative will greatly enhance the accuracy of property identification and the efficiency of public services. He shared these insights on Tuesday during the project’s launch event held in Alausa, Lagos. Babajide highlighted that the digital plates, which feature QR codes and local government-specific color codes, will strengthen emergency response capabilities, postal services, and urban planning efforts. “This initiative is focused on delivering world-class services to Lagosians—services they rightfully deserve. “We have faced challenges such as tax evasion and untraceable addresses. This new digital system addresses those issues,” he explained. He added that scanning a building’s QR code will provide residents and relevant parties with immediate access to key property details. The Special Adviser emphasized that the project will help prevent rental fraud and improve emergency location tracking across Lagos communities. He also connected this smart city initiative to previous achievements in Lagos, including the establishment of a data center during President Tinubu’s tenure as governor. According to Babajide, these technological advancements have earned Lagos global recognition in digital governance from organizations like the World Bank. He noted that Ikeja, with 23,000 properties, will be the first local council to undergo digital numbering starting in July, with plans to extend the program to other local councils in the state over time. “We encourage all owners of subdivided properties to come forward for reidentification,” he concluded. 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 unveiled a pilot Artificial Intelligence-driven registration portal designed to transform the current Company Registration process. Hussaini Ishaq Magaji, the Registrar-General and CEO of CAC, announced the launch during the 2025 Stakeholders’ Forum meeting. The commission described this innovative platform as a major breakthrough aimed at drastically reducing registration timelines and improving ease of doing business nationwide. The new system offers instant name reservation approvals, similar to setting up an email account. Magaji explained, “The portal intelligently suggests available name alternatives and provides real-time approvals, eliminating traditional bottlenecks.” One of the portal’s key features is its ability to register businesses using just the National Identification Number (NIN) of a director or proprietor. Upon successful real-time NIN verification, a certificate of incorporation is generated and emailed to applicants within 30 minutes. Magaji emphasized, “Our goal is to complete business registration and certificate delivery in under 30 minutes, contingent on real-time NIN validation.” While some delays may occur due to external verifications from the National Identity Management Commission, the platform incorporates an AI-powered photo ID matching system to address such challenges. Additionally, CAC plans to introduce two-factor authentication with OTP verification for all transactions, ensuring company records cannot be altered without the explicit consent of registered directors. Looking ahead, a CAC mobile app will be launched in Q4 2025 to enable users to monitor and manage their transactions conveniently from their devices. Magaji also revealed ongoing discussions with over 100 local and international partners, including the Nigerian Inter-Bank Settlement System, to expand access and streamline services further. In line with these enhancements, CAC will review its service fees starting August 1, 2025, to support quality service delivery and ongoing reforms. The forum featured goodwill messages from prominent industry leaders including the Nigerian Bar Association’s Port Harcourt Chairman, Cordelia U. Eke; the Institute of Chartered Secretaries and Administrators’ Chairman, Sir Sebastian Essien; and Elder Dogala Sakpege of the Nigerian Association of Small and Medium Enterprises. Representatives from the Rivers State Ministry of Commerce and Industry and the Institute of Chartered Accountants of Nigeria, Port Harcourt branch, also attended. A dedicated CAC technical team was present throughout the event to address customer concerns and provide immediate solutions to registration issues. 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.

President Bola Tinubu has reaffirmed his commitment to comprehensive tax reforms, acknowledging the challenges of transforming the country’s tax system but describing it as vital for Nigeria’s long-term growth.“It was not easy at first, but nation-building is never straightforward. You have demonstrated true leadership and courage in the face of rising disputes. Tax reforms are never simple anywhere in the world,” President Tinubu said. Speaking to journalists at the State House shortly after the president signed four significant fiscal reform bills into law, the Chairman of the newly renamed Nigeria Revenue Service (NRS), Zach Adedeji, announced that the implementation would officially begin on January 1, 2026.He explained that the six-month gap before rollout is to give adequate time for planning, capacity building, and widespread public awareness.“With these new laws, the Federal Inland Revenue Service (FIRS) has officially become the Nigeria Revenue Service (NRS),” Adedeji said. “The new Act broadens our mandate beyond taxes to include non-tax revenue collection, while raising the bar for transparency, accountability, and efficiency.” According to Adedeji, the Nigeria Revenue Service (Establishment) Act replaces the old FIRS Act and creates a more independent, results-driven national revenue agency.“Just two hours ago, we were FIRS. Now, we are the Nigeria Revenue Service — with a wider reach and a stronger focus on efficient revenue collection,” he added. The Chairman of the Presidential Committee on Tax Reforms, Taiwo Oyedele, also emphasised that President Tinubu has directed that the new tax measures must be implemented inclusively and collaboratively.“We are ready, but this is not something government can achieve alone. It demands collective effort,” Oyedele said. He added that the committee will work closely with the private sector, professional bodies, civil society organisations, and international partners.“Everyone who means well for Nigeria — tax professionals, civil society, private businesses, and global partners — will have a role to play,” he said. Speaking during an interview on Channels Television, Oyedele noted that households earning ₦250,000 or less per month would no longer pay personal income tax under the new regime.He explained that the goal is to boost economic growth, reduce pressure on low-income earners, and make the wealthy contribute more.“This new tax law may not put money directly in your pocket, but if you’re poor, it won’t take away the little you have,” Oyedele said, adding that Nigerians earning below ₦250,000 monthly will be exempt because they barely earn enough to cover basic needs. Key Features of the New Tax Laws Before the bills were signed, there were concerns about a possible increase in the tax burden on citizens. However, the new laws keep the Value Added Tax (VAT) at 7.5% and maintain the corporate income tax at 30%. They also introduce VAT exemptions for essential goods and services such as staple food items, medical care, pharmaceuticals, tuition fees, and electricity — all designed to shield the poor from additional costs. A major change is the transition of the FIRS to the NRS, which will also handle revenue collection for other federal agencies, including the Nigeria Customs Service, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Ports Authority (NPA). The reforms specify that only individuals earning over ₦50 million annually will pay the highest personal income tax rate of 25%, while small businesses are exempt from income tax altogether. For medium and large companies, the corporate tax rate will drop from 30% to 25% starting in 2026. Mixed Reactions from Analysts and Stakeholders Experts have urged the government to demonstrate strong political will to ensure that the reforms are fully and effectively enforced.Paul Alaje, Senior Partner at SPM Professionals, warned that any future VAT increase could raise the cost of living and worsen inflation.“The bill includes a clause that could allow VAT to be increased later, which would push up the cost of goods and reduce purchasing power — not ideal when inflation is already high,” he said. Alaje also raised concerns about practical challenges.“The law requires digital readiness and close collaboration with state governments, but over 250 out of 774 local governments in Nigeria still lack reliable mobile networks. Infrastructure and capacity gaps must be closed to make implementation work,” he said.On a positive note, he praised the exemption of small businesses with a turnover below ₦50 million from corporate tax, calling it a major boost for entrepreneurs.“About 90% of Nigerians pay little or no tax. It’s right that the government focuses on big businesses and wealthy individuals while supporting small businesses to grow,” he added. Adesina Adedayo, former President of the Chartered Institute of Taxation of Nigeria (CITN), welcomed the reforms but stressed that without political will, good policies often fail.“It would be a setback if this ends up like other well-intended laws that were poorly implemented. Stakeholders must study the Acts to ensure they align with national goals,” he said. Professor Uche Uwaleke, Nigeria’s first professor of capital markets, described the reforms as a bold step towards improving the business climate.“These new measures remove multiple taxes that have long burdened businesses, promote job creation, and help redistribute income. With low-income earners exempted and the tax threshold for small businesses raised, the system is now fairer and more progressive,” he explained.He noted that consolidating tax collection under the NRS could help reduce leakages but stressed that phased and careful implementation would be critical to success. Economic analyst Samuel Caulcrick argued that the new tax laws would improve accountability, reduce the need for borrowing, lower interest rates, and help stabilise the naira.“When more people pay taxes, they hold leaders accountable. This shift can enhance transparency and reduce excessive government borrowing, which should lower interest rates and make credit more accessible to businesses,” he said.Caulcrick added that sound tax systems are crucial for economic stability and good governance, describing the reforms as a positive step towards strengthening Nigeria’s fiscal framework. 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,

In recent years, the landscape of business taxation has become increasingly complex and unpredictable. That volatility has only intensified in 2025, as Congress considers sweeping tax reforms, global trade dynamics continue to evolve, and federal government restructuring efforts unfold. In this uncertain climate, many business leaders may feel inclined to delay decision-making until clarity emerges. However, inaction can be costly. Proactive and systematic tax planning remains one of the most effective tools for businesses seeking stability and resilience amid change. 1. We’re in an Era of Constant Legislative Flux Recent election cycles have consistently produced narrow majorities and short windows of unified government—conditions that often result in significant, though temporary, policy shifts. A prime example is the Tax Cuts and Jobs Act (TCJA) of 2017, which introduced wide-reaching tax cuts but included numerous sunset provisions, many of which are scheduled to expire at the end of 2025. Provisions like: Additionally, tax policy is frequently used as a tool to respond to economic disruption. For instance, during the COVID-19 pandemic, Congress passed the CARES Act, leveraging the Tax Code to provide relief via: This demonstrates that during periods of economic turbulence, the Tax Code is often the first place Congress turns to deliver business support. 2. Practical Strategies for Tax Planning in a Shifting Environment Given the unpredictable nature of tax policy, businesses should: 3. Fiscal Policy Pressures Will Shape Future Tax Increases Rising national debt and growing budget deficits are putting tax policy under increased scrutiny. Legislators are now weighing tax changes not only for their policy implications but also for their fiscal impact. Historically, these concerns have prompted: Even recent political figures who once championed tax reductions, including President Trump, have hinted at rate increases to balance the fiscal equation. What This Means for Your Business 4. The Power of Process: Planning Reduces Uncertainty Uncertainty in tax policy doesn’t have to paralyze decision-making. Businesses that implement a consistent tax planning process, evaluate the implications of change, and remain agile in their financial strategies will be best positioned for success. 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.

President Bola Tinubu is set to sign four pivotal tax reform bills into law on Thursday, a development poised to significantly reshape Nigeria’s tax and revenue framework. This was confirmed in a statement released on Wednesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, titled “President Tinubu signs four tax bills into law tomorrow.” The legislation includes: These bills, passed by the National Assembly following extensive consultations with stakeholders, aim to modernize and streamline Nigeria’s tax system, enhance compliance, and drive revenue growth. According to Onanuga, the new tax laws are expected to improve the business environment, attract both local and foreign investment, and optimize tax administration across all tiers of government. The signing ceremony at the Presidential Villa in Abuja will be attended by key government officials, including Senate President Godswill Akpabio, House Speaker Tajudeen Abbas, Senate Leader Opeyemi Bamidele, House Majority Leader Julius Ihonvbere, Chairmen of the Senate and House Finance Committees Sani Musa and James Faleke respectively, as well as Governors Abdulrahman Abdulrazaq and Hope Uzodinma. Also present will be Finance Minister and Coordinating Minister of the Economy, Wale Edun, and the Attorney General of the Federation, Lateef Fagbemi. Overview of the Four Tax Reform Bills: These reforms mark a significant step toward a more efficient, equitable, and investment-friendly tax system in Nigeria. 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.