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50 items exempted from Tax under New Tax Reforms will boost growth, investment, development





By Asuquo Eden

At least 50 items have been exempted from tax under the New Tax Acts which is billed for implementation from January 1, 2026. This is to boost economic growth and development as it will attract more persons and investors into business, ease pressure on individuals and open up the space for SMEs.

Some of the exempted items include basic needs and services like food, education, health and pharmaceutical material, diesel, petrol, and solar power equipment, transportation, agricultural products, etc. Also, individuals earning less than 1 million annually; 

While addressing journalists recently at Press Centre of the Nigeria Union of Journalists (NUJ), Uyo, the Executive Chairman of Akwa Ibom State Internal Revenue Service (AKIRS), Mr. Okon Okon, lent voice to this positive development, noting that the New Tax Acts was designed to relieve Nigerians of many burdens while giving incentives for robust economic activities.

Okon, a Member of the Presidential Committee on Fiscal Policy and Tax Reforms and Council Member of the Chartered Institute of Taxation of Nigeria (CITN), further noted that there was no need for fear as the New Tax Acts were in the best interest of Nigerians. The open door strategic engagement with the media had in attendance critical media players and stakeholders at local and national levels.

In his presentation, Okon stated that the new national tax reforms will bring relief to many Nigerians, boost economic activities, and drive growth and development across the country. He noted that there was no reason for anxiety over the tax reforms as it correct inconsistencies in the existing tax laws, cut multiple taxation, remove illegal activities and nuisance taxes. Okon said the existing laws in operation were enacted since colonial days and was full of disparities and loophole and do not allow for harmony. 

Okon said the four new tax Acts was designed to align with prevailing realities in in the country, The four Acts are the Joint Revenue Board (JRB) Establishment Act 2025, which replaces the Joint Tax Board (JTB); the Nigeria Revenue Service (NRS) Establishment Act 2025, that replaces the Federal Inland Revenue Service (FIRS); the Nigeria Tax Administration Act (NTAA) 2025; and the Nigeria Tax Acts (NTA) 2025. He said they come with reliefs for including personal income tax exemptions for those earning below 1 million annually; lower PAYE for incomes less than 1.7m monthly; promotion of efficient tax administration, even as basic services and commodities such as food, education, health, rents, transport, etc, will attract zero percent VAT. These provisions he said will lessen burdens on Nigerians. 

He added that with the provision of Tax Identification Number (TIN) delays will be reduced and hindrances for efficient tax administration removed.He noted that the reforms 
will open up Akwa Ibom for investments, 
create more money for government, and minimize corruption. 
Also present during the engagements were the Akwa Ibom State Commissioner for Information, Rt. Hon. Aniekan Umana and his counterpart in the Ministry of Romance, Mr. Emem Bob.

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