The 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 made this disclosure on Saturday, January 18 while speaking at The Platform, an event organized by The Covenant Nation to facilitate national development.
Oyedele said that the implementation of the tax reform bills will commence 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.
“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.
On October 13, 2024, President Bola 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.
This week the tax bills received the support of the Nigerian Governor’s Forum, NGF. The NGF also proposed a new equitable sharing formula for VAT.