- Says Implementation Begins In July
By Abiola Olawale
The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele has revealed that the National Assembly (NASS) is expected to pass the tax reform bills proposed by President Bola Ahmed Tinubu by March 2025, with implementation of these reforms scheduled to begin in July 2025.
This information was shared during his speech at an event called The Platform in Lagos.
“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,” he said.
This comes after Nigerian Governors had announced their decision to throw their weight behind the tax reform bills submitted to the National Assembly by Tinubu, with some modifications.
The governors Forum’s decision followed notable resistance, particularly from northern governors, who had initially opposed the tax reform bills following concerns over regional economic impacts.
The New Diplomat reports that the tax reform bills which is reportedly aimed at overhauling Nigeria’s tax system, had sparked significant debate, particularly over proposed changes to the Value Added Tax (VAT) distribution model and other issues.
The opposition primarily stems from concerns over the distribution of VAT under the new proposals, which Northern governors argued would disproportionately benefit certain states, particularly Lagos, at the expense of others, especially in the North.
Meanwhile, the NASS is now expected to resume deliberations on the bills after the suspension of actions on it last year.
The bills have passed the Second Reading in the Senate and have been referred to the Committee on Finance for further legislative actions.
