Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has revealed that the much-anticipated tax reform bills will be passed into law within the first quarter (Q1) of 2025, with implementation set to commence in July.
Speaking on Saturday, January 18, during The Platform, an event organized by The Covenant Nation to promote national development, Oyedele outlined the timeline for the reforms.
“Our expectation is that the tax reforms, particularly the tax reform bills, will be approved before the end of Q1. This will allow taxpayers to prepare themselves with capacity and begin to implement around the 1st of July,” Oyedele said.
The tax reform bills, proposed by President Bola Ahmed Tinubu on October 13, 2024, include the Nigeria Tax Bill, Tax Administration Bill, and the Joint Revenue Board Establishment Bill. The president also seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.
The reforms aim to modernize Nigeria’s tax system, improve compliance, and ensure a more equitable distribution of revenue.
This week, the proposed tax bills received a significant boost when the Nigerian Governors’ Forum (NGF) endorsed them and proposed a new equitable sharing formula for Value Added Tax (VAT).
