Stransact, NRS Enlighten Businesses on New Tax Landscape

Stransact Chartered Accountants in collaboration with Nigeria Revenue Service (NRS) on Wednesday enlightened corporate taxpayers and business owners on how to navigate Nigeria’s new tax landscape.

At a one-day seminar/workshop for corporate taxpayers and business owners held in Lagos with the theme, “Navigating Nigeria’s New Tax Landscape: Understanding the 2025 Tax Reform Acts and Mandatory E-Invoicing for Taxpayers”, speakers also deep dived into the 2025 Tax Reform Act, looking at key changes and implications.

The event which has over 250 physical and virtual participants offered opportunity for networking. Stransact Chartered Accountants is one of Nigeria’s leading audit, tax, and consulting services firms. Its strong affiliation with RSM International, one of the largest global networks of accounting firms, gives Stransact access to the resources of a network of 64,000 employees in 120 countries.

“The event opened my eyes to reliefs that come with the new tax laws, as HR manager, I have learnt of the rent relief, some on mortgages and I can sensitise my colleagues on them and they can earn more when the law comes into effect,” said Ifeanyi Ndukwe, HR specialist at Lekoil.

Also at the event, the three-session panellists discussed: Mandatory E-Invoicing: Understanding the FIRS Electronic Fiscal System (EFS) and Merchant Buyer Solution (FIRSMBS); 2025 Tax Reform Act: Navigating Compliance Challenges and Future Outlook; and Practical Aspects of E-Invoicing Compliance: Integration, Data, Requirements, and Transaction Models.

In a major transformation of digital tax administration, the Federal Inland Revenue Service (FIRS) recently commenced an electronic invoicing solution (e-invoicing) aimed at revolutionising tax payment in the country. The e-invoicing system, also known as the Merchant-Buyer Model, is aimed at making tax compliance easier, faster and more transparent for all categories of taxpayers.

“The extra cost is just a misconception in my own opinion, the new law is to ensure that 30 percent of the fund is kept with a Nigeria bank which can develop our country,” Gabriel Ogunjemilusi, former FIRS director.

He explained that the 30 percent is from existing funds mostly kept in foreign escrow accounts by the companies.