Executive Chairman of IIRS, Justice Okoye delivering his papers at the recent Tax Refrom Explainatory Conference in Owerri.
At a time many Nigerians are getting more confused on the workings and implementation of the recently passed and assented 2025 Tax Refrom Laws of the federation, the Executive Chairman of the Imo State Internal Revenue Service (IIRS), Mr. Justice R. Okoye, has outlined the benefits of Nigeria’s 2025 Tax Reform Laws, describing them as a major step toward fairness, simplicity, and sustainable economic growth in Imo State.
Mr. Okoye spoke during an interactive workshop on the tax reforms, where he commended Governor Hope Uzodinma for providing a platform to sensitize stakeholders on the new tax framework. He explained that the Nigeria Tax Act 2025 is designed to make the nation’s tax system more equitable, easier to comply with, and supportive of economic development.
According to him, the reforms prioritize the protection of vulnerable citizens while restoring fairness and efficiency to the tax system.
Highlighted key provisions of the reform include:
Progressive Income Tax: Low-income earners with an annual income of ₦800,000 or less are exempt from personal income tax.
Corporate Tax Simplification: Small businesses with an annual turnover below ₦50 million are exempt from Companies Income Tax (CIT).
Development Levy: A new 4% development levy on assessable profits of larger entities to support national development.
VAT Exemptions: Essential goods and services such as food, healthcare, and education are zero-rated for Value Added Tax (VAT).
Okoye noted that the reforms will enhance revenue generation, simplify tax compliance, and modernize tax administration across the country. He further emphasized that the new laws will help eliminate multiple taxation and ensure that low-income earners are not burdened by taxes.
