TEMPLARS Transcripts: Tax Digest | October 2026

In the October 2026 issue of TEMPLARS Tax Transcripts, our Tax Practice examines Nigeria’s new market-linked interest regime for late tax payments, the groundwork for the Finance Bill 2027, and two notable Tax Appeal Tribunal decisions.

Key updates include the Nigeria Tax Administration (Interest on Late Payment of Tax) Order, 2026. From 1 October 2026, it pegs interest on overdue naira liabilities to the Monetary Policy Rate plus one percentage point, and on foreign currency liabilities to the Secured Overnight Financing Rate plus six. A new Technical Sub-committee has been tasked with reviewing the 2025 tax laws and drafting the Finance Bill 2027. In Lagos, the gaming regulator now requires telecommunications operators and value-added service providers to verify gaming licences and tax compliance.

For judicial developments, in PZ Cussons Nigeria Plc v Federal Inland Revenue Service the Tribunal held that Value Added Tax applies to imported services recharged at cost, but set aside the 150% penalty. In Dancom Technologies Limited v Federal Inland Revenue Service, it held that a tax authority cannot resile from a reconciled liability the taxpayer has paid.

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

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