Tax Reform Bills to Become Law by Q1 2025, Implementation Begins July — Taiwo Oyedele

Tax Reform Bills to Become Law by Q1 2025, Implementation Begins July – Taiwo Oyedele

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has stated that the tax reform bills will be enacted into law by the first quarter (Q1) of 2025.

Oyedele revealed this on Saturday while addressing attendees at The Platform, an event hosted by The Covenant Nation to promote national development.

Speaking on the timeline for the reforms, Oyedele said implementation of the tax reform bills would begin 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,” Oyedele said.

PulseNets recalls that on October 13, 2024, President Bola Tinubu requested the National Assembly to consider and pass four tax reform bills.

The proposed legislation includes the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill.

Additionally, the president is seeking to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.

PulseNets learned that the tax reform bills have now garnered the backing of the Nigerian Governor’s Forum (NGF).

Also Read: Controversial Tax Reform Bills: Ohanaeze, Afenifere, Arewa youths state positions

The NGF has also proposed a revised equitable sharing formula for VAT.

This development followed a meeting on January 16 between the NGF and the Presidential Tax Reform Committee, where key national issues, including Nigeria’s fiscal policies and tax system, were deliberated upon.


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