The Nigerian government has introduced a new set of guidelines to facilitate the shift to an updated tax system, aiming to provide clarity and stability during the process.
Released by the Ministry of Finance on Thursday, these rules are designed to assist taxpayers, revenue bodies, tax professionals, and other stakeholders in navigating the transitional period.
The framework tackles key aspects of implementing the reformed tax laws, especially concerning existing tax liabilities, ongoing audits, unresolved disputes, tax breaks, and transactions that could straddle both old and new systems.
Finance Minister Taiwo Oyedele emphasized that the guidelines rest on three core pillars: clarity, equity, and regulatory certainty. He stated that tax debts and responsibilities tied to periods prior to January 1, 2026, will remain under the previous legislation.
Assessments, audits, probes, disagreements, and enforcement actions stemming from the pre-reform era will also be managed under the old legal framework. Tax submissions for accounting cycles ending before January 2026 will follow current laws, while those due from January 1, 2026, onward will adhere to the new structure.
The Tax Acts 2025 comprise four key laws: the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act. According to the guidelines, all existing tax exemptions and incentives granted under repealed laws will remain effective until their specified expiration dates.
This move is intended to offer stability and alleviate concerns for businesses that secured approvals prior to the new tax laws. However, applications still pending review and new requests for tax incentives will be evaluated under the Tax Acts 2025. The guidelines also clarify how income taxes, transaction taxes, development levies, and record-keeping will be handled during the transition.