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Nigeria’s 2025 Tax Reform renames FIRS as NRS, merges 50+ tax laws, mandates bank transaction reporting, and scraps capital gains tax to boost investment.

Nigeria’s sweeping 2025 Tax Reform Acts, effective 1 January 2026, rename the Federal Inland Revenue Service as the Nigeria Revenue Service (NRS) and consolidate over 50 tax laws into unified statutes. Banks must now report monthly transactions exceeding ₦25 million for individuals and ₦100 million for firms to tax authorities, strengthening anti‑money laundering efforts. Financial institutions may act as third‑party tax debt recovery agents for large unpaid debts once legal routes are exhausted. The 10 percent capital gains tax is abolished and merged into corporate income tax, aligning CGT with CIT to incentivise investment.