Banks to report monthly transactions of N25m for individuals, N100m for firms to tax authorities
[NigerianEye - Nigeria] - 28/07/2025
The federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities. Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS). The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect. “Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax (…)
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