Under sweeping reforms introduced in the Nigerian Tax Act (NTA), which takes effect in January 2026, the Federal Government has decided to retain the corporate income tax (CIT) rate at 30 percent for all companies, except small businesses. The Act maintains a 0 percent CIT rate for small companies—defined as those with annual turnover below […]

Don’t fall victim to business scams—verifying whether a company is legitimately registered with the Corporate Affairs Commission (CAC) is a vital first step before entering into any transaction in Nigeria. Fraudsters often pose as legitimate businesses, using fake names, false documentation, or even cloned websites to deceive unsuspecting individuals and organizations. Fortunately, checking a business’s

In a landmark judgment, the Court of Appeal, Abuja Division, has affirmed the legal authority of the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute matters relating to tax evasion and associated financial crimes. Delivering the unanimous judgment of the three-member panel—which included Justices Balkisu Bello Aliyu, Adebukunola Banjoko, and Okon Efreki Abang—Justice

Nigeria is entering a new era of tax reform, driven by the vision of Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service. At the recent Domestic Investors Summit in Abuja, Dr. Adedeji reaffirmed his commitment to building a stronger Nigeria through fair, simplified, and growth-oriented tax policies. According to him, “We all

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has sounded the alarm over Nigeria’s staggering annual loss of $18 billion to illicit financial flows (IFFs)—a challenge he described as a direct threat to national economic stability. Speaking at a national conference on Illicit Financial Flows organized by the FIRS in

The Corporate Affairs Commission (CAC) has announced significant progress with its newly launched AI-powered Intelligent Companies Registration Portal (ICRP), which now manages over 11,000 company registration and compliance requests daily. This announcement came in response to user concerns regarding technical issues and service delays during the portal’s initial rollout. Despite these challenges, the CAC emphasized

The Federation Account Allocation Committee (FAAC) has announced the distribution of ₦1.82 trillion among the three tiers of government as allocation for June 2025, marking an increase of ₦170 billion compared to the ₦1.65 trillion shared in May. This was disclosed in a communiqué issued following FAAC’s July 2025 meeting, and signed by Bawa Mokwa,

The Federal Inland Revenue Service (FIRS) has reaffirmed its commitment to fostering trust and promoting voluntary tax compliance among entrepreneurs, small businesses, and players in Nigeria’s informal sector. This renewed focus comes in preparation for the 2025 edition of its flagship outreach initiative, the Tax Clinic—a programme aimed at enhancing tax education and encouraging compliance

The Federal Government’s decision to postpone an increase in the Value Added Tax (VAT) rate could lead to a revenue shortfall of up to 0.5% of Nigeria’s Gross Domestic Product (GDP), according to a new report by the International Monetary Fund (IMF). In its latest Article IV Consultation Report, the IMF acknowledged recent tax reforms

As part of ongoing efforts to curb tax evasion and protect Nigeria’s financial integrity, the Federal Inland Revenue Service (FIRS) has announced a two-day national conference focused on tackling illicit financial flows (IFFs). The event will take place from July 22 to 23 at the Transcorp Hilton Hotel, Abuja. According to a statement from Dare