Our aim is to highlight the key provisions of the Tax Regime and what they mean for your personal wealth, your family structures, your businesses, and the assets you hold both locally and offshore.

We like to say that the recent enactment of the Nigerian Tax Act (NTA) 2025 and the Nigerian Tax Administration Act (NTAA) 2025 has ushered in a new era, one that reshapes how wealth, business, and global income are defined and taxed. These New Acts represent the most comprehensive tax reforms Nigeria has seen in decades, setting a new standard for fairness, inclusiveness, and compliance.

Key Highlights of the 2025 Tax Acts

• Unified and Modernized Tax Framework: The NTA 2025 consolidates major tax laws, from Personal and Company Income Tax, Value Added Tax (VAT), Stamp duty to Capital Gains and others into one cohesive framework. The NTAA 2025 complements it with digital filing, electronic record keeping, and simplified compliance procedures.

• Digital Transformation: Mandatory Tax Identification Numbers (TINs), electronic filing systems, and digital records are now part of everyday compliance. Whether carrying out transactions or registering property, a TIN is now indispensable. This approach enhances efficiency while reducing fraud and manual bottlenecks.

• Fairness and Inclusiveness: From salaried employees to family businesses, freelancers, and digital creators, everyone is now included in the tax net. The new regime promotes equity by broadening participation, determining tax rates according to earnings and closing long standing loopholes.

• Global Reach: Under the NTA 2025, Nigerian residents are taxed on worldwide income. That means income earned abroad, from investments, property, or remote work must be declared locally. However, double taxation is mitigated through foreign tax credits and international cooperation, aligning Nigeria with global tax norms.

• Recognition of Family, Trust, and Estate Structures: Trusts, estates, and family-owned assets and companies are expressly included in the new framework. Trustees, settlors, and beneficiaries of both local and offshore trusts must comply with clear reporting obligations and family enterprises must also register, file annual returns, and maintain transparent records to preserve credibility and continuity.

• Recognition of Digital and Virtual Assets: The Acts officially bring digital assets such as cryptocurrencies, tokens, and NFTs into the taxable ecosystem. Gains from their sale or transfer now fall under capital gains tax, reflecting how wealth has evolved beyond physical assets.

• Clarity for Businesses and Multinationals: The law redefines what constitutes a Nigerian company, extending tax obligations to businesses managed or controlled from Nigeria, even if incorporated elsewhere. A 15% minimum effective tax rate (ETR) now applies to large multinationals, aligning Nigeria with OECD global standards. For compliant businesses, these measures foster credibility and attract investment.

The Series will unpack specific provisions (in different parts) as affects individual and family tax planning to digital assets, trusts, and corporate structures, so you can stay ahead, compliant, and strategically positioned.

Furthermore, we are delighted to invite you to join our exclusive webinar on the 2025 Tax Acts, titled “Era of Transparency: Nigeria’s redefined Tax Regime” bringing together experts to unpack practical tax insights for individuals, families, and businesses.

Register early to secure your spot and be part of the discussion shaping Nigeria’s new tax future.