Chairman of the Presidential Committee on tax policy and fiscal reforms, Taiwo Oyedele, says the tax reform bills will be passed into law in the first quarter (Q1) of 2025.
Oyedele disclosed this, on Saturday, while speaking at The Platform, an event organized by The Covenant Nation to facilitate national development.
Oyedele said, the implementation of the tax reform bills will commence in July.
Read Also: Governors Back Tax Reform Bills, Reject VAT Increase
“I need to talk about the tax reforms. Part of the expectation is we expect the tax reforms to be approved, particularly the tax reform bills in 2025.
“Our expectation is before the end of Q1 and therefore we can give notice to taxpayers to prepare themselves with capacity and begin to implement around 1st of July,” Oyedele said.
Recall that On October 13, 2024, President Bola Ahmed Tinubu asked the National Assembly to consider and pass four tax reform bills.
The proposed legislation included the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
The president is also seeking to repeal the law establishing the Federal Inland Revenue Service, FIRS, and replace it with the Nigeria Revenue Service.
The tax bills now have received the support of the Nigerian Governor’s Forum, NGF.
NGF also proposed a new equitable sharing formula for VAT.
The development was an outcome of a meeting between the NGF and the presidential tax reform committee, convened on January 16, to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system. – DP
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