Nigeria Implements New Tax Regime for Better Revenue Collection and Equity

Nigeria has introduced a new tax regime effective January 1, aimed at broadening the tax net and ensuring better revenue collection and equity. Taiwo Oyedele, an expert in fiscal policy and partner at PwC, is leading a committee tasked with simplifying the country's tax system.

The reforms include establishing the Nigeria Revenue Service (NRS) to replace the Federal Inland Revenue Service (FIRS) and creating a uniform legal framework for tax administration. The objectives are to prioritize people, stimulate business growth, improve tax administration, combat evasion, and achieve economic progress.