Legal Trend

The Nigeria Revenue Service Act, 2025: Reinventing Nigeria's Tax Authority for the Future In a strategic overhaul of Nigeria’s tax infrastructure, the National Assembly has passed the Nigeria Revenue Service (Establishment) Act, 2025, repealing the former Federal Inland Revenue Service (FIRS) Act of 2007. This landmark legislation doesn't just change the name; it reinvents the institutional, operational, and legal framework for tax administration in Nigeria. Here's what you need to know. 1. A New Identity, Broader Powers The newly established Nigeria Revenue Service (NRS) is now: a)    A corporate entity with legal autonomy.   Empowered to assess, collect, and account for all federally accrued revenues, including taxes, levies, duties, royalties, and oil-sector-specific fees.   Authorized to assist in tax collection at state and local levels and under international agreements. 2. Expanded Functions for Modern Tax Enforcement The Act assigns broad respon...