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Tax and Trade Updates: Nigeria issued four new tax reform laws, Joint Tax Board clarifications, Minister of Finance notices, and Customs Service updates, formalizing reforms and providing guidance on existing tax and trade regulations.
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TIN Clarification: Nigerians without a Taxpayer Identification Number (TIN) will not be denied banking or financial transactions from January 1, 2026. TINs will be auto-generated using national identifiers for smooth compliance.
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Suspension of 4% Import Levy: The Minister of Finance temporarily suspended the 4% free-on-board import levy due to inflationary concerns and trade competitiveness, with a framework review scheduled for future implementation.
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Duty-Free Threshold for Low-Value Imports: Effective September 8, 2025, the Customs Service introduced a USD 300 duty-free limit for low-value imports, e-commerce consignments, and passenger baggage, with usage restrictions and penalties for misuse.
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Modernization & Trade Facilitation: The reforms strengthen Nigeria’s fiscal and customs framework, improve tax governance, align with global e-commerce trends, and create a legal foundation for efficient tax administration and smoother trade flows.
Source: vatabout.com
Latest Posts in "Nigeria"
- Nigeria FIRS becomes a Peppol Authority
- Nigerian News Agency Announces New Regime Allowing VAT Credits on Assets
- Nigeria Introduces USD300 Duty-Free Threshold for Low-Value Imports Starting September 2025
- Nigeria Suspends 4% FOB Levy on Imports Amidst Economic Concerns and Tax Reforms
- Federal Government Insists on New Tax Reform Despite IATA’s Criticism Over International Treaty Violations
