The Federal Government may lose as much as 0.5 per cent of the country’s Gross Domestic Product in revenue following its decision not to raise the Value Added Tax rate, the International Monetary Fund has disclosed.

The Federal Inland Revenue Service (FIRS) and the Kingdom of the Netherlands commenced the renegotiation of the Double Taxation Agreement between Nigeria and the Netherlands.

The chairman of the senate committee on appropriations, Solomon Adeola, says Nigerians earning N800,000 or less annually will no longer pay personal income tax under the new tax reform laws signed by President Bola Tinubu.

‎Why Tinubu Replaced FIRS with NRS in Sweeping Tax System Overhaul ‎ ‎In a bold move to modernize Nigeria’s fiscal landscape, President Bola Ahmed Tinubu has signed into law four transformative tax reform bills, effectively dissolving the Federal Inland Revenue Service (FIRS) and establishing a new...

FIRS Scrapped as Tinubu Signs Landmark Tax Reform Bills to Modernize Fiscal System   In a major milestone for Nigeria’s economic reform agenda, President Bola Ahmed Tinubu on Thursday signed into law four transformative tax reform bills aimed at overhauling the country’s fiscal and revenue administration...

Tax Reforms Not Just About Revenue, Says Presidential Aide   The tax reforms driven by President Bola Tinubu are focused on empowering, supporting and building a better economic future for young Nigerians to thrive, the Senior Special Assistant to the President on Citizenship and Leadership, Ms...