Deduction of stamp duty on bank transactions does not amount to taxation, Mr. Olugbenga Olaleye, a taxation expert has affirmed.
He explained that stamp duty deductions were statutory charges paid into government coffers to support public spending on important sectors such as infrastructure, education, healthcare, security and other social services.
Represented by the Director, Field Operations, Mrs. Oluwaseun Olajube (OGIRS), the Chairman emphasised that low-income earners stand to benefit the most from the ongoing tax reforms.
He appealed to the public to refrain from spreading rumours and misinformation capable of undermining public confidence.
He added that creating sufficient disposable income for citizens would enhance productivity and stimulate rapid economic growth, urging taxpayers to comply by paying only the appropriate taxes.
“If you like operate ten bank accounts, your BVN and NIN will reveal your identity. It is your income that is taxable, not the amount of money spread into the accounts you have,” he said.
Olaleye assured taxpayers that loans, transfers, gifts and savings are not subject to taxation under the new reforms, while appealing to citizens to remain patient with the government and encouraged taxpayers to be faithful in declaring their income.
Meanwhile, as part of further efforts to heighten awareness, educate and contribute to public discourse on the trending Tax Reforms, the Ogun State Internal Revenue Service (OGIRS) yesterday made a dramatic presence at a public lecture on Taxation in the Olabisi Onabanjo University (OOU), Ago-Iwoye.
OGIRS featured at the lecture in order to provide authoritative clarification, build trust as well as reassure taxpayers with facts rather than speculations.
Crucial facts and assurances surrounding the tax reforms were clarified by the Executive Chairman (OGIRS), Mr. Olugbenga Olaleye, during the maiden public lecture themed: ‘Nigerian Tax Reforms Acts 2025: Focus on Personal Income Taxation at the Department of Accounting, Otunba Gbenga Daniel (OGD) Hall, at the university.
Represented by the Coordinating Director, OGIRS, Mr. Taiwo Ogundimu, the Chairman, explained that in June 2025, President Bola Ahmed Tinubu signed into law four transformative tax reform Acts which were, Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service Act (NRSA) and Joint Revenue Board Act (JRBA), saying these reforms marked the most ambitious overhaul of Nigeria’s fiscal framework in decades, aiming to simplify tax laws, expand the tax base as well as modernise compliance, promising a more transparent and equitable tax environment.
He revealed that the objectives of the new tax reforms were to align tax policy and enhance administrative efficiency as well as compliance, noting that the new tax law would support low-and-middle income earners through targeted reliefs.
‘’Tax Reform Acts 2025 marked a turning point for Nigeria’s tax policy, with a clearer, more progressive personal income tax system," he said.
Earlier, Vice Chancellor (OOU), Prof. Ayodeji Agboola, commended the organisers, that the institution is now fully digitalised, encouraging participants to share their thoughts on any topic discussed to gain more knowledge.
Also speaking, Dean Faculty of Management Sciences, Prof. Muse Solanke, welcomed everyone who graced the remarkable occasion, saying the event was a significant milestone to gain knowledge from taxation, hinting that the discussants would shed more light on the tax reforms and bail individuals out of the fear of unknown as far as the new tax law is concerned, encouraging participants to listen and ask questions in order to know more about taxation.
On his part, Guest Speaker, Managing Director and Chief Executive Officer, (MD/CEO), Integrated Consultancy Management and Accountancy (ICMA) Professional Services, Alhaji Lukman Buari, said the new tax reforms was birthed due to the broken tax system we had before in the country, pointing out that the purpose of the new tax laws was to simplify the tax system in Nigeria, emphasising that not all income are taxable which include; loans, transfers, reimbursements, among others, advising taxpayers to know their rights, keep simple records, not relying on misconceptions and most importantly, be awaken to their civic responsibilities.
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