Private Sector Critiques Nigeria's New Tax Law Implementation

The organized private sector in Nigeria has expressed concerns regarding the implementation of the new tax laws, particularly the Nigeria Revenue Service's (NRS) requirements for companies to file income tax returns for the 2026 assessment year. This controversy arises from the provisions of the Nigeria Tax Act (NTA) 2025 and the Nigeria Tax Administration Act (NTAA) 2025, which take effect on January 1, 2026.

Representatives from various business organizations, including the Nigerian Association of Small Medium Enterprises and the Nigerian Employers Consultative Association, have accused the NRS of acting contrary to federal government guidelines. They have called for urgent intervention from President Bola Ahmed Tinubu to avert a tax administration crisis.

The federal government recently issued implementation guidelines for the tax act, which include provisions regarding compliance and enforcement actions. However, the organized private sector argues that the new memo issued by the NRS does not align with these guidelines and could lead to conflicts in tax law interpretation, potentially paralyzing corporate tax filings across the country.