In a major shakeup of Nigeria’s tax landscape, President Bola Tinubu on Thursday signed into law four sweeping tax reform bills that may officially mark the end of the Federal Inland Revenue Service (FIRS) as we know it. The new laws — including the Nigeria Tax Bill and the Nigeria Revenue Service (Establishment) Bill — are designed to unify, simplify, and modernize the country’s fiscal framework.
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According to a statement by presidential spokesman Bayo Onanuga, the bills aim to boost revenue, attract foreign investment, and reduce the tax burden on businesses. Among the reforms, the creation of a new Nigeria Revenue Service (NRS) will replace FIRS, promising more autonomy, efficiency, and broader powers — including non-tax revenue collection. Another key highlight is the harmonization of fragmented tax laws to enhance the ease of doing business nationwide.
So what happens to the current FIRS structure? And how will this affect your business, taxes, or daily income?.…..For More READ THE FULL ARTICLE HERE ▶▶
