- The proposed legislation, which sparked controversy, included the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
The controversial tax reform bills will be passed into law by the national assembly in the first quarter (Q1) of 2025, the presidential committee has disclosed .
The Chairman of the presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, made the disclosure on Saturday while speaking at The Platform.
The event is organised 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.
Recall that On October 13, 2024, President Bola Tinubu asked the National Assembly to consider and pass four tax reform bills.
The proposed legislation, which sparked controversy, 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.
Despite the initial opposition of some of its members, the Nigerian Governor’s Forum, NGF, has now expressed its support for the tax bills.
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.