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In the October 2025 issue of TEMPLARS Tax Transcripts, our Tax Practice highlights notable developments in tax policy, administration, and case law.

Key updates include the FIRS Public Notice on withholding tax for interest on short-term securities, the Fiscal Policy and Tax Reforms Committee’s clarification on the 5% fossil fuel surcharge, and the Federal Government’s suspension of the 4% Free-on-Board import levy.

Also featured are the launch of a Personal Income Tax Calculator ahead of the 2026 reforms and the approval of a US$300 duty-free threshold for low-value imports.

Judicial highlights include rulings confirming that FIRS approval is not required for asset transfers between companies and affirming tax exemptions for enterprises operating exclusively within Oil and Gas Free Zones.

For further clarification, please contact TEMPLARS Partners, Dipo Komolafe, Igonikon Adekunle, and Sesan Sulaiman.

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