Dara Ajayi & Co - Chartered Accountants

19/06/2026

05/06/2026

URGENT VACANCIES IN AKURE
1. Accounts Officer - Water processing factory
2. Admin/Accounts Officer - Manufacturing Company

Qualifications:
1. HND Accounts
2. ND or HND Admin/Business Studies

Apply to: 08109120883 (WhatsApp) with detailed CV.

Only shortlisted candidates will be contacted.

30/09/2025

TAX REFORMS EXEMPT FOOD, EDUCATION, AGRICULTURE SAYS FIRS

Nigeria’s tax landscape is set for a historic overhaul, as the Federal Inland Revenue Service has explained that the government’s reforms exempt food, education, shared transportation, and agriculture from value-added tax.

The reforms, described as the most significant fiscal transformation since independence, are designed to ease the burden on citizens and businesses, while improving government revenue collection.

The Executive Chairman of FIRS, Zacch Adedeji, revealed the changes in an interview marking his two years in office. He credited President Bola Tinubu for fulfilling his campaign promise to simplify tax compliance and remove hurdles faced by taxpayers.

“With these new laws, food, education, transport, and agriculture will be VAT-free,” Adedeji declared. “The President has fulfilled his promise to make businesses flourish by removing all burdens and hurdles. This is the best thing that has happened to Nigeria’s fiscal ecosystem since 1960.”

The reforms consolidate multiple tax laws into a single code, scheduled to take effect in January. The new code reduces the number of tax types to single digits, introduces a simpler framework for individuals and businesses, and provides relief for smaller enterprises. Under the provisions, businesses with annual turnover below N50m will no longer pay tax, while thresholds for personal income tax have been adjusted to protect low-income earners.

President Tinubu signed four major bills into law on June 26, 2025—the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Establishment Act, and the Joint Revenue Board Establishment Act.

Collectively known as the Tax Acts quartet, they aim to broaden the tax base, improve compliance, and enhance transparency across all tiers of government.

Tinubu also appointed Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader at PricewaterhouseCoopers, to chair the Presidential Committee on Fiscal Policy and Tax Reforms. The committee, comprising private and public sector experts, has been instrumental in designing and implementing the reforms.

According to Adedeji, the reforms are already yielding results. Nigeria’s tax-to-GDP ratio has risen from 10 per cent to 13.5 per cent in just two years, with a target of 18 per cent by 2027. In August, the federation account disbursed a record ₦2tn, with nearly 70 per cent of monthly government allocations now coming from taxes collected by the FIRS.

He disclosed that improved revenue has helped 30 states repay ₦1.85tn in debts within the past 18 months, while debt servicing costs—previously consuming 90 per cent of government revenue—have dropped to about 50 per cent. External reserves have also grown on the back of stronger fiscal stability.

As part of the changes, the FIRS will be renamed the Nigeria Revenue Service to reflect its role as the central tax authority for all tiers of government, not just the federal level. “The word ‘federal’ gave the wrong impression that we only collect for the federal government,” Adedeji explained. “In reality, we collect VAT, of which 90 per cent belongs to the states.”

He credited Tinubu’s broader economic decisions, including fuel subsidy removal and exchange rate unification, with strengthening the federation account. “The health of the federation account has blossomed greatly, as there are no bogus subsidy claims to deplete the pool,” he said.

Adedeji acknowledged that the reforms have caused short-term hardship, likening them to “the pain of a woman in labour.” He stressed, however, that government interventions—such as compressed natural gas buses and crude-for-naira support for local refiners—are already cushioning the effects, with fuel prices showing signs of decline.

He further explained that the consolidated tax law strengthens compliance and curbs evasion by restructuring FIRS operations. Taxpayers are now grouped into small, medium, and large categories, with one-stop shops created for filing and payments. “We are service providers to taxpayers rather than just an enforcement agency,” he said.

15/09/2025

HOW TO GET YOUR TAX IDENTIFICATION NUMBER (TIN) BY YOURSELF.....

On your Android phone, go to Play Store to download JTB (Joint Tax Board) App.
iOS, download from your Apple Store.

On the App,

Choose individual TIN Reg ( For personal TIN)

Or

Non-individual TIN Reg (For your business, you will need CAC).

Enter your BVN, DOB, First and Last Names.

Enter other required details in the respective fields including an active email address.

Note that you will receive your TIN via your email after a few minutes or after some days which comes in the form of a certificate.

If you do not want to use the JTB App, you can also use your browser to login to the JTB website, follow the steps and register.

Within 24-72hrs you are most likely going to get your TIN certificate on your mail box.

Provided you have a bank account in Nigeria, TIN is a must for you to operate it come 1st January 2026.

Don't wait till the deadline line, the rush won't be funny, you know how it use to be.

06/08/2025

Celebrating my 4th year on Facebook. Thank you for your continuing support. I could never have made it without you. 🙏🤗🎉

29/06/2025

THE TAX REFORMS WILL BENEFIT YOU IN MANY WAYS - HERE IS HOW!

A. Households and individuals including the youth:

1. Complete exemption of low-income earners up to N1m p.a. (about N83k per month) from PAYE

2. Reduced PAYE tax for those earning a monthly salary of N1.7m or less

3. Zero (0%) VAT on food, healthcare, education, electricity generation and transmission

4. VAT exemption on transportation, renewable energy, CNG, baby products, sanitary towels, rent and fuel products

5. Tax break for wage award and transport subsidy to low-income earners

6. Tax incentives for employers to hire more people incrementally than in the previous 3 years

7. Exemption of stamp duties on rent below N10m

8. PAYE tax exemption for other ranks and armed forces fighting insecurity

9. Friendly tax rules for remote workers and digital nomads

10. Clarity on taxation of digital assets to avoid double taxation and allow deduction for losses

B. Small Businesses:

1. Increase in tax exemption threshold for small businesses from an annual turnover of N25m to N50m

2. Exemption from company income tax for small businesses (tax at 0%)

3. No withholding tax deduction on the business income of small businesses

4. Exemption from the requirement to deduct and account for tax on payments to vendors

5. Simplified statement of accounts attested to by a small business owner for tax returns in place of audited financial statements

6. Introduction of the Office of Tax Ombud to protect taxpayers against arbitrary tax assessments

7. Tax disputes affecting businesses to be resolved within 14 days by the Tax Ombud

8. Harmonisation of taxes and repeal of multiple levies

9. Outlaw cash payment and physical roadblocks imposing a burden on businesses

10 Attractive tax regime to encourage formalisation of business and facilitate growth

C. Businesses and investments:

1. Reduction of corporate income tax rate from 30% to 25% and harmonisation of earmarked taxes at a reduced rate

2. Unilateral tax credit for income earned abroad to avoid double taxation and input VAT credit on assets and services to reduce the cost of production

3. Introduction of economic development incentives for priority sectors

4. Friendly tax regime for business restructuring and reorganisation to improve efficiency

5. Clarity on the 6-year statute of limitation and resolution of objections in favour of the taxpayer if the tax authority fails to respond within 90 days

6. Option to pay taxes and levies on foreign currency-denominated transactions in Naira

7. Faster tax refunds within 90 days (30 days for VAT refunds) with the option of set-off against any tax liability of the taxpayer.

8. Request for advance ruling by the taxpayer to be provided by the tax authority within 21 days

9. Expense incurred by a start-up within 6 years pre-commencement of business to be tax-deductible

10. Restriction of interest deduction will only apply to related party loans to reduce the cost of finance for businesses

D. High Income Earners and HNIs:

1. Tax exemption on personal effects not exceeding N5m, sale of a dwelling house, and up to two private vehicles

2. VAT exemption on the purchase of real estate

3. Clarity on taxation of benefit in kind and limit of taxable accommodation benefit to 20% of annual income

4. Exemption of tax on sale of shares up to N150m and gains not exceeding N10m

5. Progressive personal income tax rate up to 25% for HNIs

6. Tax exemption on compensation for loss of employment not exceeding N50m

7. Progressive VAT rate on items mostly consumed by high-income earners to partly compensate for the exemption on essential consumption

8. Tax exemption for income earned on bonds issued by states in addition to federal government bonds

9. Reduction in corporate tax rate for businesses and a tax break for hiring more people

10. Exemption of tax on bonus shares for investors in Nigerian companies

E. Subnational government:

1. The federal government is to cede 5% of VAT revenue to states

2. Transfer of income from the Electronic Money Transfer levy exclusively to the states as part of stamp duties

3. Repeal of the obsolete stamp duties law and re-enactment of a simplified law to enhance the revenue for the states

4. States to be entitled to the tax of Limited Liability Partnerships

5. Tax exemption for state government bonds to be at par with federal government bonds

6. A more equitable model for VAT attribution and distribution

7. Integrated tax administration to provide tax intelligence to states, strengthen capacity development and collaboration, and the scope of the Tax Appeal Tribunal to cover taxpayer disputes on state taxes

8. Powers for AGF to deduct taxes unremitted by a government or MDA and pay to the beneficiary government

9. Framework to grant autonomy for states' internal revenue services and an enhanced Joint Revenue Board to promote collaborative fiscal federalism

10. Legal framework for taxation of lottery and gaming, and introduction of withholding tax for the benefit of states

There is something in the tax bills for everyone.

30/04/2025

How will they track the revenues of businesses that don't issue invoices?

The Federal Inland Revenue Service has inaugurated the National E-Invoicing Solution Inter-Agency Steering Committee as part of its efforts to boost tax compliance, transparency, and efficiency in Nigeria’s tax system. This was according to a statement shared on the service’s official X handle o...

30/04/2025

With the billions of Naira profits they declared for 2024, why do they want to exploit their customers more?

If you have easy access to email. You can ask your bank to discontinue sms alerts and only send email alerts, which are free, for now.

Commercial banks in Nigeria have increased the transaction alert fee from N4 to N6 effective from Thursday, May 1, 2025. This is contained in a message sent by banks to their customers early Wednesday morning. The banks said the increase was due to a recent increase in telecom rates as…