The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has announced that the tax reform bills are expected to be passed into law by the first quarter (Q1) of 2025, with implementation set to begin in July.
Oyedele disclosed this on Saturday while speaking at The Platform, an event organized by The Covenant Nation to promote national development.
Addressing the timeline for the reforms, Oyedele said:
“Our expectation is that the tax reforms, particularly the tax reform bills, will be approved before the end of Q1 2025. This will allow us to provide notice to taxpayers, build capacity, and commence implementation around July 1.”
It will be recalled that on October 13, 2024, President Bola Tinubu forwarded four tax reform bills to the National Assembly for consideration and passage. The proposed legislations include:
The Nigeria Tax Bill
The Tax Administration Bill
The Joint Revenue Board Establishment Bill
Additionally, the president seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
The Nigerian Governors’ Forum (NGF) has expressed support for the proposed tax reforms. The forum also suggested a new equitable value-added tax (VAT) sharing formula during a meeting with the presidential tax reform committee on January 16. The meeting focused on critical issues related to Nigeria’s fiscal policies and tax system.
