New Tax Reforms: AKIRS engages professional bodies, investors, business associations
In its commitment to ensure that the ongoing awareness efforts regarding the New Tax Reforms, set to be implemented on January 1, 2026, reach as many people as possible, the Akwa Ibom State Government has taken the message to key professional organisations, investors, and business.
During his presentation on the implications of the new reforms, on Wednesday, the Executive Chairman of the Akwa Ibom State Internal Revenue Service (AKIRS), Sir Okon Okon stated that the new national tax reforms will provide significant relief to many Nigerians, boost economic activities, and promote growth and development throughout the country.
Attendees at the meeting included representatives from the Nigerian Bar Association (NBA), the Association of National Accountants of Nigeria (ANAN), the Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Bar Association, Association of Private School Owners, Association of Community Pharmacists, Association of Private Medical Professionals, and the Chartered Institute of Taxation of Nigeria (CITN), among others.
During the well-attended meeting which took place today at the ICT Conference Room of the Akwa Ibom State Accountant-General’s Office, Idongesit Nkanga Secretariat, Uyo, Sir Okon, a member of the Presidential Committee on Fiscal Policy and Tax Reforms, noted that the anxiety surrounding the tax reforms was unfounded.
He explained that the holistic reforms are intended to correct inconsistencies in the national tax system, address challenges in tax operations, and curtail the activities of non-state actors and nuisance taxes.
Okon noted that the existing tax system, which is based on precolonial laws, is characterized by fiscal imbalance, inconsistent tax frameworks across jurisdictions, and multiple tax identifiers that negatively impact compliance for individuals and corporate organizations.
According to Okon, who is also a Council Member of the Chartered Institute of Taxation of Nigeria (CITN), the reforms have produced four new tax Acts meant to streamline tax administration in the country, namely: the Joint Tax Revenue Board (JRB) Establishment Act 2025, which replaces the Joint Tax Board (JTB); the Nigeria Revenue Service (NRS) Establishment Act 2025, which replaces the Federal Inland Revenue Service (FIRS); the Nigeria Tax Administration Act (NTAA) 2025; and the Nigeria Tax Acts (NTA) 2025.
These, he noted, come with reliefs for many Nigerians, including low-income-friendly threshold fiscalization; personal income tax exemptions for those earning below ₦1 million annually; lower PAYE for incomes less than ₦1.7 million monthly; and the promotion of efficient, unified, tech-driven tax administration.
Basic services and commodities such as food, education, health, rent, transport, and others, will attract zero percent VAT—measures he said will ease pressure on individuals and families.
He added that the introduction of a national Tax Identification Number (TIN) will encourage compliance, remove bureaucratic bottlenecks in the tax system, free up more revenue for government for development purposes, boost business expansion, create employment opportunities, and enhance global competitiveness.
On the implications and impact of the new reforms for Akwa Ibom State, the State’s tax helmsman said it will directly improve the State’s fiscal position as the VAT formula has been revised from 50 percent to 55 percent, strengthen revenue administration and professionalism, eliminate consumption tax, provide a better business environment, protect SMEs, and target high-net-worth individuals.
He emphasised that the ongoing engagements with diverse groups were designed to dispel misconceptions, help taxpayers understand the benefits of the tax reforms rather than be apprehensive, and encourage collaboration with critical stakeholders in propagating the right message.
Still in preparation for the January 2026 deadline, he said the Revenue House has conducted intensive training for its management staff, developed a cutting-edge digital centre, and set up Implementation Committees, among others.
Speaking at the occasion, the Commissioner for Information, Akwa Ibom State, Hon. Aniekan Umanah, commended Governor Umo Eno for creating an enabling environment for robust economic activities and investments in the state that encourage tax compliance.
Also commending the Executive Chairman of AKIRS for the trailblazing record he has created, which has launched Akwa Ibom to the pinnacle of national tax discourse and also for embarking on the sensitization, the Commissioner—who was represented by the Permanent Secretary in the ministry, Akparawa James Edet—said although any discussion about tax was bound to raise issues, there was no need for worries over the new reforms, as they were meant to ensure fairer, more transparent, and more efficient tax administration in the country.
Those who spoke at the occasion, including a prominent medical practitioner, Dr. Emmanuel Akpanobong, and a senior member of the Institute of Safety Professionals of Nigeria, Akwa Ibom State Branch, Pastor Ubong Dennis Inyang, described the reforms as a welcome development and commended President Tinubu for the willpower to inspire the altruistic overhaul of the country’s archaic tax system.
They also commended the Akwa Ibom State Government for not leaving taxpayers in the dark during the ongoing sensitisation. Also present during the engagement were the Commissioner for Justice and Attorney General of the State, Mr. Uko Essien Udom, SAN, as well as leaders and representatives of professional groups and associations.
