The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.
Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.
For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.
To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.
The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.
Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.
Dailypost.
They'll tax people's entire lives but you won't see one thing that the tax is solving. I just tire!!!
ReplyDeleteYou were educated with the taxes of other people. Use that education. Read the newly signed tax bill to take effect on January 1. It takes off the tax burden for families earning 250k monthly or less. It addresses double taxation and alleviates the burden on those receiving grants amongst many other things.
DeletePlease educate yourself so you no longer come off as ignorant on matters informed adults should know and be able to discuss logically. If these kinds of topics are too challenging, you can consider sticking to Yul and May nation kind of posts that you can better cope with.
12:11, what Cynthia is saying is that, some of us have been paying tax for many many years, but we dont see what the tax is used for. You don’t have to be condescending to pass your message. It might be that it is ur field or u r privileged to know the laws, some people are not. To the common man, tax should translate to good roads, good hospitals, good schools, good drinking water and all. Yet in Nigeria we can boast of none. The few good things we have, we still pay out of our pockets. The education you are insulting her with, did she tell you she went to school for free?? We all paid from nursery up to university education. So please rest!!! And NO, WE DO NOT SEE THE TAXES THEY COLLECT EXCEPT IN THE CARS AND LIFESTYLE OF OUR POLITICAL CLASS!!
Delete@12:11... I doubt enlightened people are referring to the act of being taxed rather, will you all see the benefit of the taxes? Is there good transportation, are there well equipped hospitals, is there power, I would have asked if there was water but people have since focused on private owned bore holes, is there security, are the available security officers paid well to help them stop requesting for bribes on the road... these are many questions. So yes, people are getting taxed are they reaping the benefits of the taxation..
DeleteTax master general 🙌🏻
ReplyDeleteAll the tax you 've been imposing how far sir ???? What and what project have they achieved ? Yet we keep borrowing. He who goes a borrowing, goes a sorrowing.
What have you produced in all of your working life so as to keep Nigeria from borrowing?
DeleteIf Nigeria did not borrow, how would it have subsidized fuel, forex, food, electricity, medicine, hospital care, transportation, ICT, clothes, cars, and everything you have ever used all your life as a citizen? Are you that productive?
Now that Nigeria has invested in your life for decades, how much has it gotten back in return? Can all your your taxes tar or even grade a single street in your neighborhood? That is how we have 36 states and only 1 is economically viable because of this strong spirit of dependency and lack of vision from the grassroots up to those who head the states.
You flip a switch, navigate your car unto a road, visit hospitals, buy food at cheaper prices than poorer neighbors, escort people to the airport or bus/ light rail terminal, plan trips to your village, and with a strong sense of entitlement, refuse to see how all these activities are facilitated and maintained by government funds borrowed or raised from people government continues to support. Can you finance your electricity alone? Would you be able to afford 24 hrs light on the lowest band?
The problem with free stuff is the ingratitude and entitlement it breeds along with the creativity it robs people of. The richest country in the world gives students immutable LOANS for college for a reason.
This new tax laws are actually meant to relieve many of you but you are so used to free lunch, you won't even read about it, waiting to be spoonfed as usual.
SMH. What good can come out of this government? Keep milking us.
ReplyDeleteWhich milk do you produce?
DeleteThe law is to take people like you off the tax list when you are documented because Nigeria has come to the stark realization that you are not and will not be a net producer. It has decided to free you from the burden of contributing to the nation that gave you everything at a free or subsidized rate all your life.
Nigeria has come to the founded conclusion that many who have gained from it for decades have no vision or motivation for greatness and will only be a bureaucratic nightmare to chase down so it wants you to have documentation without responsibility - it has decided to modernize the tax system and give you a monthly palliative of tax free living as long as you are on the books so the state can make it's projections to know those who will continue to need assistance and protect them from being chanced at the state or local government level.
Guess who is still complaining? The people being helped because they are allergic to knowledge which explains everything.
All these taxes is for what exactly? This man just likes to stress Nigerians for nothing sake.
ReplyDeleteIs it not Tinubu again?
ReplyDeleteDo jobless people pay tax? I want to open the account so that I can be collecting feeding money from people that have job
ReplyDeleteThey keep looking for every means to milk Nigerians dry, but nothing is given back in return, everybody will be alright last last.
ReplyDeleteOh my goodness.
ReplyDeleteGod bless Nigeria
The man promised to widen the tax bracket, he's simply fulfilling his campaign promises.
ReplyDeleteAnother means of extortion
ReplyDeleteNo be small thing
ReplyDeleteSo are we exempted since we don’t live in Nigeria or we won’t be able to operate our Nigerian accounts?
ReplyDeleteUna no dey like to pay tax but una dey always complain about govt not doing anything. Pay your taxes so you have leverage to tackle the govt when they misbehave
ReplyDeleteI'm a taxpayer,I have the right to tackle them
DeleteBVN, NIN, National ID, now Tax ID. Why can’t they just use the BVN? 🤷🏽♀️
ReplyDeleteWahala! No dey finish o
DeleteThe anon going mad all over this post, pele, you'll be fine.
ReplyDeleteThe Anno that is replying everyone is one of them. You guys take no notice of the person.
ReplyDelete