Economy

CAC to review service fees effective August 2025

Published

1 year ago

June 18, 2025

The CAC will adjust service fees from August 1, 2025, citing economic pressures and rising operational costs as reasons for the fee review

CAC to review service fees beginning August 1, 2025, as the Corporate Affairs Commission announced plans to adjust its charges to reflect rising operational costs and economic realities.

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The move comes as the agency intensifies efforts to sustain efficient service delivery and digital transformation.

In a public notice released on Tuesday, the commission stated that the fee revision follows careful evaluation of Nigeria’s economic environment, stakeholder feedback, and the increasing cost of maintaining reliable operations.

The CAC said the changes are part of broader reforms aimed at enhancing user experience across its digital platforms and improving the overall integrity of the country’s corporate registry.

“The commission wishes to inform the general public, esteemed customers, and all stakeholders that, in the continued efforts to improve its service quality and delivery, it has become necessary to review certain service fees effective the 1st day of August, 2025,” the notice read.

The commission explained that the adjustments are designed to remain modest and competitive, ensuring accessibility for businesses while guaranteeing sustainability of services.

According to the CAC, the fee increase will directly support technology upgrades and improved turnaround times for business registration, filings and related corporate services.

In recent years, the CAC has led several reforms, including the full automation of its processes, in line with the Companies and Allied Matters Act (CAMA) 2020.

These changes have positioned the commission as a key player in Nigeria’s ease of doing business rankings.

By signalling a transparent and consultative approach to the new fees, the CAC aims to reassure stakeholders of its commitment to efficient regulation.

It emphasised that quality service delivery and the digital transformation of company records remain at the centre of its long-term strategy.

Also read: World Bank: Nigeria’s economy to grow by 3.6% in 2025 despite global trade tensions

As the August 2025 implementation date approaches, the commission is expected to engage further with stakeholders to ensure a smooth transition and to maintain confidence in Nigeria’s corporate governance framework.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

18 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.