Background

Members should note that the following four tax reform bills proposed by the Nigerian Presidential Committee on Fiscal Policy on Tax Reforms, have now been passed into law by the President on 26 June.

– The Nigeria Tax Administration Bill 2024
– The Nigeria Revenue Service (Establishment) Bill 2024
– The Joint Revenue Board of Nigeria (Establishment) Bill 2024
– The Nigeria Tax Bill 2024

At a press conference held the same day, Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS) – which is set to become the Nigerian Revenue Service – announced that the new laws will come into effect on 1 January 2026.

The ICS Secretariat have been informed that, in line with standard procedure, the Acts will be formally gazetted before being released to the public. This process may take several weeks.

The 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 the Meme Lamlum,Policy Adviser at meme.lamlum@ics-shipping.org.