Consolidates 50+ tax statutes into a single substantive code — replaces PITA, CITA, VAT Act, Petroleum Profits Tax Act, Stamp Duties Act, CGT Act and others.
The Nigeria Tax Act is the substantive heart of the 2025 tax reform. It folds the Personal Income Tax Act, Companies Income Tax Act, VAT Act, Capital Gains Tax Act, Petroleum Profits Tax Act, Stamp Duties Act and 40-odd other revenue statutes into a single, harmonised code. It raises the personal income tax exemption floor to ₦800,000/year, restructures the VAT-sharing formula in states' favour, phases the corporate income tax rate from 27.5% to 25% by 2027, and introduces a consolidated 4% Development Levy for large companies.