The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has disclosed that the National Assembly will pass the controversial tax reform bills into law in the first quarter (Q1) of 2025.
Speaking at the weekend during The Platform, an event organised by The Covenant Nation to facilitate national development, Oyedele also said the implementation of the tax reform bills will commence in July.
The NASS is expected to resume deliberations on the bills after the suspension of actions on it last year.
President Bola Tinubu on October 13, 2024, asked the National Assembly to consider and pass four tax reform bills.
The bills have since received huge backlash, especially from those who labelled it as anti-north.
However, last week, the bills received the backing of the Nigerian Governors Forum (NGF).
NGF also proposed a new “equitable” sharing formula for VAT.
“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.
Oyedele argued that removing fuel subsidies was the best decision Nigeria could make as it was no longer sustainable.
He assured Nigerians that the ongoing economic reforms by the Bola Ahmed administration are beginning to yield good results.
Since assuming office in May 2023, President Tinubu has implemented a number of reforms. Top among them is the removal of fuel subsidies and introduction of the tax bills.
