Background

Members should note that the four tax reform bills proposed by the Nigerian Presidential Committee on Fiscal Policy and Tax Reforms were passed by Senate on 7 May 2025.

The four tax reform bills proposed by Nigeria’s Presidential Committee on Fiscal Policy and Tax Reforms are the following:

The Nigeria Tax Administration Bill 2024, which seeks to create a unified legal and procedural framework for tax administration across all levels of government. It aims to harmonise processes such as registration, filing, payment and enforcement, and introduces new compliance obligations, including the possibility of monthly tax filings.

The Nigeria Revenue Service (Establishment) Bill 2024 proposes the creation of a new, independent Nigeria Revenue Service (NRS), which would replace the existing Federal Inland Revenue Service (FIRS). The NRS would be granted broader powers and operational autonomy, with the aim of improving professionalism, reducing political interference and enhancing revenue collection and taxpayer trust.

The Joint Revenue Board of Nigeria (Establishment) Bill 2024 is designed to foster coordination between federal, state and local tax authorities. It would establish a Joint Revenue Board to serve as a national platform for aligning tax policy and administration, reducing instances of double taxation and promoting data sharing among agencies.

Finally, the Nigeria Tax Bill 2024 consolidates and modernises Nigeria’s substantive tax laws, including key elements of the Companies Income Tax Act. Of particular concern to the shipping industry are provisions that would expand the definition of a “permanent establishment” to include vessels, potentially subjecting foreign shipping companies to Nigerian tax liabilities. Additionally, the bill introduces a requirement for vessels to provide evidence of tax declaration and payment prior to loading or unloading cargo, raising operational concerns.

Next Steps

A harmonisation process between the House of Representatives and the Senate has since been completed and is expected to be passed by the National Assembly this week, after which they will be transmitted to the President for assent.

It is expected that the Presidential assent will be granted no later than Democracy Day, which is 12 June 2025. It is also understood that the bills will still include a three-month implementation period, during which industry concerns can continue to be raised.

ICS will continue to monitor the situation and gather intelligence on the implications of the tax reform bills for international shipping.

Members are encouraged to contact their local advisers if any concerns arise and to share any relevant insights or information with, Meme Lamlum, Policy Adviser at meme.lamlum@ics-shipping.org .