Upcoming Tax Bills Set for Q1 Passage, July Implementation – Insights by Oyedele
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced that Nigeria’s tax reform bills are expected to be passed into law by the end of the first quarter (Q1) of 2025, with implementation slated to begin on July 1.
The proposed reforms aim to overhaul Nigeria’s tax system, focusing on enhancing efficiency and compliance. President Bola Tinubu submitted four tax reform bills to the National Assembly on October 13, 2024, including the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill, along with a proposal to replace the Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service.
The Nigerian Governors’ Forum (NGF) has expressed support for these reforms and proposed a new equitable Value-Added Tax (VAT) sharing formula. This collaboration between federal and state authorities underscores a unified approach to tax policy reform.
The forthcoming tax reforms are anticipated to have a significant impact on Nigeria’s fiscal landscape, aiming to improve revenue generation and economic stability.