New Tax Reforms Enhance Nigeria's Fiscal Transparency

During a breakfast meeting organized by the River State Internal Revenue Service (RIRS) in Port Harcourt, Prof. John Ohaka, Dean of the Faculty of Administration and Management at River State University, presented a paper on the new tax reforms introduced by the federal government.

He described these reforms as a significant step towards creating a more transparent and efficient fiscal system in Nigeria. Ohaka highlighted that taxation is a critical policy instrument for mobilizing revenue, redistributing income, and stimulating economic growth.

He noted that companies in Nigeria could leverage the new tax reform act of 2025 to enhance profits, particularly those with an annual turnover of less than N100 million and fixed assets not exceeding N250 million, which are exempt from corporate income tax and capital gains tax. Furthermore, individuals earning below N800,000 annually will see an increase in disposable income.

RIRS Chairman Israel Egbunefu emphasized the need for compliance and the importance of the new tax law in fostering business growth and job creation.