Stransact Chartered Accountants, in collaboration with the Nigeria Revenue Service, hosted a seminar/workshop for corporate taxpayers and business owners to enlighten them on how to navigate Nigeria’s new tax landscape.
The event, themed “Navigating Nigeria’s New Tax Landscape: Understanding the 2025 Tax Reform Acts and Mandatory E-Invoicing for Taxpayers,” drew over 250 physical and virtual participants, according to a statement from the organisers on Wednesday.
The seminar/workshop provided an opportunity for participants to gain insights into the 2025 Tax Reform Act, including key changes and implications. Speakers discussed the Mandatory E-Invoicing solution, the Federal Inland Revenue Service Electronic Fiscal System, and the Merchant Buyer Solution.
President Bola Tinubu signed into law four tax bills on June 26, 2025, aimed at simplifying tax collection, reducing the tax burden on compliant businesses, and repositioning the country as a more attractive investment hub.
The Tax Laws, which include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, are set to take effect on January 1, 2026.
Participants at the seminar/workshop gained valuable insights into the new tax laws and the e-invoicing solution. HR specialist at Lake Oil, Ifeanyi Ndukwe, said: “The event opened my eyes to reliefs that come with the new tax laws. As HR manager, I have learnt of the rent relief, some on mortgages, and I can sensitise my colleagues on them, and they can earn more when the law comes into effect.”
The e-invoicing solution, which went live on August 1, 2025, aims to make tax compliance easier, faster, and more transparent for all categories of taxpayers. Large taxpayers with an annual turnover of N5 billion and more are expected to be onboarded on the platform by November 1, 2025.
Panellists at the seminar/workshop discussed the 30 per cent fund required by the new tax law to be deposited in a Nigerian bank escrow account, noting that it is not an additional cost for oil and gas companies but rather a measure to ensure that funds are kept in Nigeria.
Gabriel Ogunjemilusi, former FIRS director, explained: “The extra cost is just a misconception in my own opinion, the new law is to ensure that 30 per cent of the fund is kept with a Nigerian bank which can develop our country.”
The seminar/workshop provided a platform for corporate taxpayers and businesses to gain insights into the new tax laws and e-invoicing solution, enabling them to navigate Nigeria’s new tax landscape effectively.
