The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has disclosed that the controversial tax reform bills currently before the National Assembly will be passed into law in the first quarter (Q1) of 2025.
Daily Trust reports that on October 13, 2024, President Bola Tinubu asked the National Assembly to consider and pass four tax reform bills.
The bills have received huge backlash, especially from those who labelled it as anti-north. The NASS is expected to resume deliberations on the bills after suspension of actions on it last year.
The bills, however, have received the backing of the Nigerian Governors Forum (NGF). NGF also proposed a new “equitable” sharing formula for VAT.
Speaking at the weekend at The Platform, an event organised by The Covenant Nation to facilitate national development, Oyedele said 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,” he said.
