FIRS: The minimum turnover for corporate taxation is now N50 million

On Saturday, stakeholders from the business, academic, and civil society sectors convened in Kano for an important roundtable discussion designed to clarify Nigeria’s newly enacted tax reform law and raise public awareness of its provisions and benefits.

The event, organized in collaboration by the Office of the Senior Special Assistant to the President on Community Engagement (Northwest) and the Federal Inland Revenue Service (FIRS), provided a venue for clearing up common misunderstandings about the legislation and fostering greater comprehension of its effects on people and businesses.

There has been a lot of misunderstanding about the new tax law. This engagement is designed to clear the air and provide accurate information, especially on how the revenues will be shared—50 percent on equal basis among states, 30 percent based on consumption levels, and 20 percent based on population,” Yakasai explained.

Abdullahi Tanko Yakasai, the Senior Special Assistant to the President on Community Engagement (Northwest), stated in his opening remarks that the initiative was essential due to the misinformation surrounding the new tax policy.
The new tax law has been the subject of considerable misunderstanding. Yakasai explained that this engagement aims to clarify misunderstandings and present precise details, particularly regarding the revenue-sharing model: 50 percent will be divided equally among states, 30 percent will depend on consumption levels, and 20 percent will be allocated according to population.