[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Bashir Ahmad, OON [@BashirAhmaad](/creator/twitter/BashirAhmaad) on x 1.7M followers Created: 2025-06-26 15:53:57 UTC President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you. X. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS). X. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA. X. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax. X. High-Income Tax: A XX% personal income tax applies only to individuals earning above ₦50 million annually. X. Small Business Exemption: Small business owners are fully exempted from paying income tax. X. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from XX% to 25%. X. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity. X. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase. X. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.  XXXXXXX engagements  **Related Topics** [nigeria](/topic/nigeria) [tax bracket](/topic/tax-bracket) [Post Link](https://x.com/BashirAhmaad/status/1938264476848984561)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Bashir Ahmad, OON @BashirAhmaad on x 1.7M followers
Created: 2025-06-26 15:53:57 UTC
President Bola Ahmed Tinubu has signed the Tax Reform Bills into law, which makes a major shift in our tax system. As a Nigerian, this new law directly affects you. So this is a simple breakdown of the law, read to see how it impacts you.
X. FIRS Renamed: The Federal Inland Revenue Service (FIRS) is now called the Nigeria Revenue Service (NRS).
X. Unified Revenue Collection: The NRS will now handle revenue collections previously managed by agencies like the Nigeria Customs Service, NUPRC, NPA, and NIMASA.
X. Low-Income Relief: Workers earning ₦800,000 or less annually are now exempted from income tax.
X. High-Income Tax: A XX% personal income tax applies only to individuals earning above ₦50 million annually.
X. Small Business Exemption: Small business owners are fully exempted from paying income tax.
X. Corporate Tax Cut: Starting in 2026, company income tax for medium and large firms will be reduced from XX% to 25%.
X. VAT Exemptions on Essentials: There is no VAT on essential items like food, medical services, pharmaceuticals, school fees, and electricity.
X. No Tax Hike: VAT remains at 7.5%, and corporate income tax stays at 30%—there has been no increase.
X. New Development Levy: A 2%–4% Development Levy will now fund critical national institutions like NELFUND, TETFund, NITDA, and NASENI.
XXXXXXX engagements
Related Topics nigeria tax bracket