Nigeria Gazettes Tax Act, 2025

The Nigerian President’s Office Sept. 6 announced the June 26 gazette publication of Nigeria Tax Act, 2025. The law includes measures: 1) taxing the undistributed profits of foreign entities controlled by domestic companies; 2) adopting a top-up tax to ensure a 15 percent minimum effective tax rate (ETR) for Nigerian constituent members of multinational enterprise (MNE) groups with consolidated turnover of 750 million euros (US$880.4 million) or more, or annual turnover of 50 billion Nigerian nairas (US$33.1 million) or more; 3) requiring taxable persons making taxable supplies to maintain sequential VAT invoice numbering; 4) introducing an economic development tax credit ...