Nigeria’s New Tax Regime: What You Need to Know (Finance Act 2025)
At Akinyele Oluwale & Co., we are committed to keeping our clients informed about the latest regulatory changes affecting businesses and individuals in Nigeria.
The Finance Act 2025 represents one of the most significant tax reforms in Nigeria in recent years. Signed into law to simplify the tax system, reduce multiple taxation, and improve ease of doing business, the Act introduces several key changes:
Major Highlights:
Company Income Tax (CIT) reduced to 25% for large companies (from 30%).
Tertiary Education Tax significantly reduced from 2% to 0.5%.
- Strengthened rules against multiple taxation across federal, state, and local governments.
- Expanded scope of Value Added Tax (VAT) on digital services and luxury goods.
- Higher exemption thresholds for Capital Gains Tax and Personal Income Tax.
- Mandatory digital compliance through the new Rev360 platform.
New Tax Portal – Rev360
The Federal Inland Revenue Service (FIRS) has launched Rev360 (www.rev360.gov.ng), a unified digital platform for all federal tax filings and payments. This new system makes tax compliance easier, faster, and more transparent.
Our Advisory
These reforms present both opportunities and compliance requirements for businesses. Early adaptation will help you avoid penalties and optimize your tax position.
The increasing partnership between traditional finance and blockchain companies like Ripple is propelling Europe’s progress in adopting digital assets. On October 10, Ripple’s Managing Director for the U.K. and Europe, Cassie Craddock, shared on the social media platform X that the European Union’s Markets in Crypto-Assets Regulation (MiCA) has bolstered institutional trust in blockchain integration.
"MiCA has empowered European banks and financial institutions [FIs] to engage more deeply with the industry," Craddock stated, further adding:
Consequently, we are witnessing numerous banks and FIs, including Societe Generale and BBVA, developing digital asset custody and tokenization capabilities in collaboration with crypto-native firms like Ripple.
Nevertheless, she pointed out that despite these advancements, "many obstacles still exist to realize the full potential."
Craddock elaborated that tokenization aligns with the European Union’s objectives for a savings and investment union by reducing costs, enhancing efficiency, and broadening access to funding and investment opportunities for businesses.
She warned that global rivals are swiftly moving to leverage blockchain innovation and urged the EU to "act quickly and sustain the momentum" to preserve its competitive edge. The Ripple executive expressed:
We are genuinely enthusiastic about the prospects for the blockchain sector in Europe and eager to contribute to shaping the future of tokenization.
Her remarks underscore both a sense of optimism and a call to action as Europe aims to strengthen its position in digital finance through the regulatory clarity provided by MiCA and collaborative efforts within the industry.
