Chairman of the presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, has said the tax reform bills will be passed into law in the first quarter (Q1) of 2025.
Speaking on Saturday at The Platform, an event organised by The Covenant Nation to facilitate national development, Oyedele said the implementation of the tax reform bills will start in July.
“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,” Oyedele 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 requested the national assembly to consider and pass four tax reform bills.
The proposed legislations are the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
Tinubu 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 have gotten the backing of the Nigerian Governor’s Forum (NGF).
NGF has also proposed a new “equitable” sharing formula for VAT.
