The Federal Government of Nigeria under the Tinubu led administration has formally released guidelines to steer Nigeria’s transition to a new tax returns regime.
The Ministry of Finance on Thursday released the guidelines to guide taxpayers, revenue agencies, tax consultants and other stakeholders through the transition period.
The government also noted that the framework addresses key issues about the implementation of the new tax reforms, particularly on matters involving existing tax obligations, ongoing audits, pending disputes, tax incentives and transactions that may overlap between both regimes.
Addressing the policy shift, newly appointed Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, clarified the strategic intent behind the new framework. Specifically, he emphasized that the guidelines aim to guarantee a seamless transition, deliberately safeguarding both everyday taxpayers and state revenue authorities from administrative uncertainty.
He said, “The Guidelines are anchored on three key principles — clarity, fairness and administrative certainty.”
He claims that the previous tax regulations will still apply to tax obligations and liabilities related to time periods before to January 1, 2026.
According to him, the repealed legislative framework will continue to apply to evaluations, audits, investigations, disputes, and enforcement actions relating to periods before the implementation of the new regime.
Furthermore, the Minister clarified that the previous legal framework remains fully active for all tax returns. However, he added that the new legal framework will apply to all tax returns due from January 1, 2026, onward.
BACKSTORY…
This comes following the government’s clarification of widely shared reports suggesting that it has adopted taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria.
The clarification comes after reports circulated that the IMF said Nigeria may need to extend Value Added Tax to fuel products and introduce excise duties on telecommunications services to raise the nation’s revenue.
However, the government claimed the reports misunderstood the content of the IMF study and did not reflect its policy orientation in a statement released on Wednesday by Efe Ovuakporie, Head Information and Public Relations Unit, Ministry of Finance.
