Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, says the tax reform bills will be approved in the first quarter of 2025, with implementation scheduled to begin in July.
Speaking on Saturday at The Platform, an event organised by The Covenant Nation to promote national development, Oyedele explained that the reforms would give taxpayers sufficient time to prepare.
“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,” he said. “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.”
On October 13, 2024, President Bola Tinubu urged the National Assembly to consider and pass four tax reform bills. The proposed legislations are the Nigeria Tax Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill.
Tinubu also seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
The tax bills have already received the backing of the Nigerian Governors’ Forum (NGF), which also suggested a new “equitable” sharing formula for Value Added Tax (VAT).
This support followed a meeting between the NGF and the presidential tax reform committee, convened on January 16, to deliberate on Nigeria’s fiscal policies and tax system.
