Nigeria's New Tax Laws: Expert Insights on Changes for Individuals and Businesses

Nigeria's new tax laws, effective from June 26, 2025, under the Joint Revenue Board of Nigeria and Nigeria Revenue Service, bring significant changes affecting individual and business taxpayers. VFD Microfinance experts offer guidance on the reforms, emphasizing the need for clear narratives on bank transactions and the requirement for tax identification numbers.

The laws also outline procedures for tax recovery and emphasize the non-taxable nature of certain inflows like gifts.