FG Unveils Guidelines for Tax Acts 2025 Implementation, Clarifies Transition to New Tax Regime

The Federal Government has released comprehensive guidelines to facilitate the implementation of the Tax Acts 2025, providing much-needed clarity for taxpayers, tax authorities, and other stakeholders navigating the transition from Nigeria’s old tax regime to the new framework that came into effect on January 1, 2026. The move is aimed at ensuring a smooth migration process while reducing uncertainty surrounding the country’s ongoing tax reforms.

According to a statement issued by the Federal Ministry of Finance through its Head of Information and Public Relations Unit, Efe Ovuakporie, the guidelines outline how tax liabilities, assessments, audits, investigations, disputes, and enforcement actions will be handled during the transition period. The government emphasized that obligations relating to periods before the commencement of the new laws will continue to be governed by the repealed tax legislation.

The ministry explained that tax returns for accounting periods ending before January 1, 2026, must be filed under the old tax laws, while returns due from that date onward will fall under the provisions of the new framework. The guidelines also address the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping requirements, and transactions that span both the old and new tax regimes.

Importantly, businesses and investors currently benefiting from tax incentives and exemptions granted under repealed laws will continue to enjoy those benefits until their expiration dates. However, fresh applications and pending requests for incentives will now be assessed based on the provisions of the Tax Acts 2025. This provision is expected to provide certainty for investors while aligning future incentives with the government’s new tax policy direction.

Speaking on the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the guidelines as a critical step in Nigeria’s tax reform agenda. He noted that the framework is built on the principles of clarity, fairness, and administrative certainty, ensuring that the new laws are not applied retrospectively. The government believes the reforms will strengthen revenue administration, encourage voluntary compliance, improve the investment climate, and support long-term economic growth as Nigeria modernizes its tax system.

source: punch