The tax reform bills will be passed into law in the first quarter (Q1) of 2025, while the implementation will commence in July.
Chairman, presidential committee on tax policy and fiscal reforms, Taiwo Oyedele, disclosed this on Saturday while speaking at The Platform, an event organized by The Covenant Nation to facilitate national development.
President Bola Tinubu had on October 13, 2024 requested the National Assembly to consider and pass four tax reform bills.
The proposed legislation included the Nigeria tax bill, tax administration bill, and joint revenue board establishment bill.
The president is also seeking to repeal the law establishing the Federal Inland Revenue Service, FIRS, and replace it with the Nigeria Revenue Service.
Meanwhile, the Nigerian Governor’s Forum, NGF, has expressed support for the tax bills and 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.
The forum deliberated on critical national issues, including the reform of Nigeria’s fiscal policies and tax system.
