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FG Unveils Transition Rules for New Tax Regime Ahead of 2026 Rollout
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By Gloria Ikibah
The Federal Government has released comprehensive guidelines to steer taxpayers, revenue authorities and other stakeholders through the transition from Nigeria’s existing tax laws to the newly enacted Tax Acts 2025, which take effect from January 1, 2026.
The guidelines, issued by the Head of Information and Public Relations Unit in the Federal Ministry of Finance, Efe Ovuakporie, outlined how tax obligations, assessments, audits, disputes and compliance matters will be managed as the country moves to a new tax framework designed to modernise revenue administration and improve the business environment.
According to the Ministry, the General Guidelines for the Implementation of the Tax Acts 2025 provide clarity on the treatment of tax matters that straddle both the outgoing and incoming legal regimes.
The statement read: “Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law.
“In particular, January 1, 2026 for the Nigeria Tax Act, 2025. Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.
Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns relating to accounting period ending from January 1, 2026, onward will be administered under the new tax framework.
“The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
“Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025”.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.
He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.
According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.
“The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
“The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate”, it stated.
News
PFIPC: Adeyemi ready to submit documents to security operatives
Ademiyi Adeyemi man connected to the controversial Presidential Foreign Investment Promotion Council (PFIPC), has expressed his willingness to cooperate with security agencies by submitting all documents in his possession to aid investigations into the alleged agency.
Adeyemi made the declaration during a conversation with social media activist Martins Vincent Otse, popularly known as VeryDarkMan, amid growing public scrutiny over the existence and activities of the purported council.
The controversy was ignited after the Presidency distanced itself from the PFIPC, insisting that no such government agency exists. The clarification was reportedly conveyed by the Chief of Staff to the President, Femi Gbajabiamila, following widespread concerns and questions surrounding the council’s operations and authenticity.Executive Branch.
Responding to the development, Adeyemi said he has nothing to conceal and is prepared to assist any investigation aimed at uncovering the truth behind the matter.
He disclosed that he intends to report to either the Department of State Services (DSS) or the Nigeria Police Force (NPF) with all documents in his possession, which he believes could help investigators establish the facts surrounding the controversial body.
According to him, the documents should be carefully examined and authenticated by the appropriate authorities to determine how the alleged council came into existence, who initiated its operations, and whether it had any legitimate backing.
I’m willing and ready to help security agencies or any panel set up by Mr. President to unravel the truth,” Adeyemi said.
“In fact, any moment from now, I will go to the DSS or the police to submit all the documents I have to help them investigate and look into this matter.”
He maintained that he has no reason to withhold any information and welcomed a thorough investigation by the relevant authorities.
“You will see any moment from now, I will go. I’ll go to any DSS office to submit all my documents.
They should authenticate them. They should verify them. Then they should unravel the truth,” he added.
News
DAY 21 of Projects Commissioning in the FCT:
President Tinubu To Commission Road Linking Body of Benchers To Two Private Universities Today
#ProjectsFCT2026
#FCT31DaysCommissioning
News
Read today’s major headlines, July 8, 2026
Read today’s major headlines, July 8, 2026
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*DID YOU KNOW?*
* The official Adidas Trionda match ball of the 2026 FIFA World Cup features just four stitched panels—the fewest ever—and houses an internal motion sensor to track exact placement.
* Salt lowers the freezing point of water. That is why salt is put on roads during the winter to melt ice.
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———————-
*TODAY IN HISTORY*
* On this day in 1497, Vasco da Gama set off on a voyage to India from Lisbon with four ships. A year later, he reached the city of Calicut in southern India and became the first European to set foot in India by way of the sea.
* On this day in 1889, Wall Street Journal was published for the first time. Three financial reporters named Charles Dow, Edward Jones, and Charles Bergstresser created The Wall Street Journal to supersede a previous periodical called the Customers’ Afternoon Letter.
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Intense love does not measure, it just gives. – Mother Teresa
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