FG Plans 25% Tax on Nigerians Earning Above N100m Monthly   The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a...

FG Introduces Tax Payment in Instalments The Federal Government has proposed introducing a tax payment option that enables individuals to pay their taxes in instalments. It introduced this in the Nigeria Tax Bill 2024, recently submitted to the National Assembly for consideration and approval. This means that...

N'assembly Considers Bill to Increase VAT by 2.5% in 2025 Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria. According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5%...

New Bill Proposes Tax ID for Opening Bank Accounts A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or...

FG Launches USSD Code to Simplify Tax Payment The Federal Inland Revenue Service has launched a USSD code, *829#, to simplify tax payments as part of efforts to enhance the ease of doing business and improve taxpayer satisfaction. The FIRS Chairman, Zacch Adedeji, introduced the initiative...

Current Withholding Tax Regime Valid till December – FIRS The Federal Inland Revenue Service (FIRS) has said that the current Withholding Tax regime will remain effective until December 31, 2024. This is according to a public notice informing taxpayers, tax practitioners, and the general public about...