Taiwo Oyedele: Tax bills will be passed in Q1, implementation to commence in July

Taiwo Oyedele, chairman of the presidential committee on tax policy and fiscal reforms, says the tax reform bills will be passed into law in the first quarter (Q1) of 2025.

Oyedele spoke on Saturday at The Platform, an event organised by The Covenant Nation to facilitate national development.

According to Oyedele, 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,” 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 asked 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 received the backing of the Nigerian Governor’s Forum (NGF).

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.