Federal Government Gazettes New Tax Laws, Exempts Small Businesses From Corporate Tax

The Federal Government has officially gazetted Nigeria’s caller taxation betterment laws pursuing President Bola Tinubu’s assent to the legislations connected June 26, 2025.

A connection signed by the Personal Assistant connected Special Duties to the President, Kamorudeen Yusuf, connected Wednesday, confirmed the work of the 4 legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.

According to the gazette, “Small businesses with turnover nether ₦100m and assets beneath ₦250m are exempted from firm tax.” It further noted that “Corporate taxation complaint for ample firms whitethorn beryllium chopped from 30% to 25% astatine the President’s discretion.”

Other cardinal provisions include, Top-up taxation thresholds of ₦50bn for section firms and €750m for multinationals, 5% yearly taxation recognition for eligible priority-sector projects and support for companies transacting successful overseas currency to wage taxes successful naira astatine authoritative speech rates.

The authorities clarified that the Nigeria Tax Act and Nigeria Tax Administration Act volition instrumentality effect from January 1, 2026, portion the Nigeria Revenue Service Act and the Joint Revenue Board Act became effectual instantly connected June 26, 2025.

The connection emphasised that the reforms are designed to “simplify Nigeria’s taxation system, enactment tiny businesses, pull investment, and fortify fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify gross distant from oil.”