‘Tax reforms to take effect in July’ – Oyedele

Oyedele on tax reform2

The Federal Government is expected to kick-off its tax reforms aimed at simplifying Nigeria’s tax system in July, according to Head of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele. 

Oyedele on tax reform

The tax chief stated that legislation is to be passed this quarter, with further preparations for implementation to follow in the coming months.

Oyedele said: “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 stated during the weekend, at an event: ‘The Platform’, in Lagos.

The reforms are intended to centralize and simplify tax collection, including a reduction of more than 60 separate taxes and levies to six.

Nigeria is aiming to harmonize its complex tax system with a new bill that’s aimed at unburdening multiple taxation and ensuring exemptions for low-income earners. But the reforms have been greeted with disparaging debates with many Northern leaders calling for its withdrawal while other stakeholders are urging the federal government to engage in wider consultations.

“Those reforms are transformational. They keep me excited. “The reason why I have the energy to keep going is because of the possibilities I see in those reforms, which haven’t been done since independence”, Oyedele stated.

“Structurally, those reforms will help Nigeria. They will reduce the pressure even on the policy authorities”, the renowned tax expert added.

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