FG releases tax transition guidelines: Old laws apply to pre-2026 matters, new regime from Jan 2026

FG released guidelines Thursday for transitioning to new tax regime (Tax Acts 2025), clarifying that tax obligations for periods before January 1, 2026 remain under old laws while returns due from January 1, 2026 onward fall under new structure. Minister Taiwo Oyedele said the framework ensures clarity, fairness and administrative certainty for taxpayers and revenue agencies during the changeover.

The guidelines specify that assessments, audits, investigations, disputes and enforcement actions related to pre-2026 periods continue under repealed legal framework. Tax returns for accounting periods ending before January 2026 will be filed under current laws. Tax Acts 2025 comprise four laws: Nigeria Revenue Service (Establishment) Act, Nigeria Tax Act, Nigeria Tax Administration Act, and Joint Revenue Board (Establishment) Act.

Existing tax exemptions and incentives granted under repealed laws remain valid until their expiration dates, providing business stability. However, applications still under review and new incentive requests will be assessed under Tax Acts 2025 provisions. The guidelines also detail treatment of income taxes, transaction taxes, development levies and record-keeping requirements throughout the transition period. Taxpayers should review which regime applies to their specific obligations based on timing and consult professionals for complex cases.

SOURCE: https://dailypost.ng/2026/06/18/nigerian-govt-releases-guidelines-for-transition-to-new-tax-regime/