Nigeria: Income Tax

The Nigeria Tax Administration Act 2025 introduced sweeping reforms within the Nigerian Tax Regime, one of which is the “power of substitution” as contained in Section 60 of the Act.

For the better part of June and July 2026, the FIFA World Cup had the world enthralled with nerve-racking matches, record-breaking performances and celebrations that stretched far beyond the stadiums. But while fans counted goals, another spectator was keeping a different score – the taxman. The tournament ended weeks ago, but for the players, the story did not end on the pitch. In its wake, athletes were faced with taxation tied to the sporting activities they performed in host countries, and for those who played on American soil, this meant up to 37% of their earnings, in some cases, going to the taxman.

Nigeria has introduced a standardised framework for the taxation of virtual assets through the NRS Virtual Asset Tax Guidelines. This comprehensive breakdown examines who the guidelines apply to...

Nigeria's new Presumptive Tax Regulations establish a simplified tax framework for informal sector businesses and individuals whose income cannot be accurately determined through standard assessment methods. The regulations introduce a 1% turnover-based tax system with specific exemptions for nano businesses, while also implementing a 2% capital gains tax on asset disposals.

On 18 June 2026, Nigeria's Minister of Finance issued comprehensive transition guidelines for newly enacted tax legislation. These guidelines establish operational frameworks for implementing four major tax Acts that fundamentally reshape the country's tax administration and revenue collection systems. The transition rules address critical implementation questions for taxpayers, tax authorities, and stakeholders navigating Nigeria's reformed tax landscape.

The Nigeria Revenue Service (the “NRS”) has announced that its offices nationwide will operate on Saturdays from 8 May to 27 June 2026, between 10:00 a.m. and 3:00 p.m.

The Nigeria Tax Act, 2025 (the "NTA") and the Nigeria Tax Administration Act, 2025 (the "NTAA") introduced a revised tax administration and enforcement framework applicable across Nigeria, including Lagos State.

The enactment of the four tax reforms bills in 2025, which became effective on 1st January 2026, heralded a new dispensation in Nigerian tax administration.

In an era dominated by rapid technological advancement, the digital economy has emerged as a powerhouse of global growth, reshaping commerce, communication, and finance.