The Federal Government has released guidelines to steer
Nigeria’s transition to a new tax regime.
The guidelines, released on Thursday by the Ministry of
Finance, are expected to guide taxpayers, revenue agencies, tax consultants and
other stakeholders through the transition period.
The government said the framework addresses key issues
surrounding the implementation of the new tax laws, particularly on matters
involving existing tax obligations, ongoing audits, pending disputes, tax
incentives and transactions that may overlap between both regimes.
The Minister of Finance and Coordinating Minister of the
Economy, Taiwo Oyedele, while speaking on the development, said the guidelines
were designed to ensure a smooth transition without creating uncertainty for
taxpayers or revenue authorities.
“The Guidelines are anchored on three key principles —
clarity, fairness and administrative certainty,” Oyedele said.
According to him, tax liabilities and obligations tied to
periods before January 1, 2026, will continue to be governed by the old tax
laws.
He said assessments, audits, investigations, disputes and
enforcement actions relating to the period before the new regime takes effect,
will still be handled under the repealed legal framework.
The minister added that tax returns linked to accounting
periods ending before January 2026 will be filed under the current laws.
However, all tax returns due from January 1, 2026, onward will fall under the
new legal structure.
“The Tax Acts 2025 consist of four major laws introduced as
part of Nigeria’s tax reform agenda. They include the Nigeria Revenue Service
(Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act,
and the Joint Revenue Board (Establishment) Act,” he added.
According to the guidelines, all existing tax exemptions and
incentives granted under repealed laws will remain valid until their expiration
dates.
This is expected to provide stability and reduce concerns
among businesses that secured approvals before the introduction of the new tax
laws.
However, applications still under review, as well as new
requests for tax incentives, will now be assessed under the provisions of the
Tax Acts 2025.
The guidelines further clarify the treatment of income
taxes, transaction taxes, development levies and record-keeping requirements
during the transition period.
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