AKIRS Takes Sensitization To Professional Bodies, Investors, Business Associations

In continuation of the ongoing sensitization on the New Tax Reforms scheduled for implementation by January 1, 2026, the Akwa Ibom State Government, yesterday, had strategic engagement with professional bodies, investors, and business associations. They include members of the Association of National Accountants of Nigeria (ANAN); Institute of Chartered Accountants of Nigeria (ICAN); Chartered Institute of Taxation of Nigeria (CITN); and Nigeria Bar Association (NBA). Others were the Association of Private Schools Owners, Association of Community Pharmacists, Association of Private Medical Practitioners, etc etc. The well-attended event took place at the ICT Conference Room of the Office of the Accountant-General, Idongesit Nkanga Secretariat, Uyo.

Examining the need for the reforms and key expected outcomes, the Executive Chairman, Akwa Ibom State Internal Revenue Service (AKIRS), Sir Okon Okon, stated that the new national tax reforms will bring far-reaching relief to many Nigerians, boost economic activities, and drive growth and development across the country, noting that the anxiety over the tax reforms was unfounded as the new tax regime was designed to correct inconsistencies in the national tax system, check the challenges of multiple taxation, and curtail the activities of non State actors and nuisance taxes. Sir Okon who is Member of the Presidential Committee on Fiscal Policy and Tax Reforms further noted that the existing tax system which was rooted in precolonial laws was marked by fiscal imbalance, inconsistent tax framework across jurisdictions, and multiple tax identifiers that adversely affected compliance by individuals and corporate organizations.

According to Okon who is also a Fellow and 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 Revenue Board (JRB) Establishment Act 2025, which replaces the Joint Tax Board (JTB); the Nigeria Revenue Service (NRS) Establishment Act 2025, that 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-thresholds fiscalization; personal income tax exemptions for those earning below 1 million annually; lower PAYE for incomes less than 1.7m monthly; promotion of efficient, unified, tech-driven tax administration; while basic services and commodities such as food, education, health, rents, transport, etc, will attract zero percent VAT. These measures, he argued, will ease pressure on individuals and families, while 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 make for global competiveness.

The State's tax helmsman listed some advantages of the new reforms for Akwa Ibom State to direct improvement in the State's fiscal position as VAT formula has been revised from 50 percent to 55 percent; strengthening of revenue administration and professionalism; eliminate consumption tax, improved business environment, etc. He stated that part of the ongoing engagements was to dispel misconceptions, help taxpayers see the benefits, and to seek colloboration with critical stakeholders in propagating the right message.

In his remarks, the Commissioner for Information, Dr. Aniekan Umana, commended Gov Umo Eno for creating enabling environment for robust economic activities and investments in Akwa Ibom State. Represented by the Permanent Secretary in the ministry, Akparawa James Edet, the Info boss also lauded Mr. Okon Okon for the trailblazing heights the States's IGR has reached in national ranking under his resourceful and goal-driven leadership and the extensive stakeholders sensitization on the new reforms. Others who also spoke, including Dr. Emmanuel Akpanobong, Chairman, Association of Private Medical Practitioners; representatives from NBA, Community of Pharmacists, and Association of Estate Valuers, e.t.c., all commended President Bola Tinubu for the willpower to inspire the altruistic overhaul of the country's archaic tax system. They also lauded the Akwa State government for the ongoing sensitization.