Nigeria: Income Tax

Nigeria’s fiscal landscape has undergone a significant transformation with the enactment of the Nigeria Tax Act 2025, which raised the Capital Gains Tax (CGT) rate from 10% to 30% for corporate entities.

The taxation of capital gains has historically played a modest but strategically important role within Nigeria's fiscal architecture. Under the pre-existing regime, the Capital Gains Tax (CGT) framework was governed primarily by the Capital Gains Tax Act (CGTA), which imposed tax on gains arising from the disposal of chargeable assets

The Supreme Court's recent decision in A.G. Abia State v. Imo Trans. Co. Ltd. has reignited debate over the constitutional validity of Nigeria's Taxes and Levies (Approved List for Collection) Act, 1998. This article examines whether the Act, originally promulgated as a military decree to combat multiple taxation, can withstand constitutional scrutiny given its alleged supremacy claims over the Constitution and potential conflicts with Nigeria's federal division of tax powers.

Nigeria is home to several small business entities run by individuals or group of business partners. Statistics show that businesses on this scale of operations are more than large scale businesses and multinational enterprises operating in the country.

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.

The concerns expressed by the general public regarding the Memorandum of Understanding between Nigeria and France are well-founded, particularly in light of the legal obligations imposed on the Nigeria...

The Nigeria Tax Act, 2025 ("the Act") was signed into law on June 26, 2025, and is set to take effect from January 1, 2026. This new legislation marks a major reform of Nigeria's tax system.

Year-end tax compliance has assumed heightened significance for multinational enterprises (MNEs) operating in Nigeria, particularly in the context of increased enforcement activities by the Federal Inland Revenue Service (FIRS)...