Nigeria’s Tax Reform Bills Set to Become Law in Q1 2025, Implementation to Start in July
By Abidemi Samuel
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Nigeria is poised to witness significant reforms in its tax system, as the presidential committee on tax policy and fiscal reforms has announced that the tax reform bills will be passed into law in the first quarter of 2025.
Taiwo Oyedele, chairman of the committee, made this disclosure while speaking at The Platform, an event organized by The Covenant Nation to facilitate national development.
According to Oyedele, the implementation of the tax reform bills will commence in July, following the passage of the bills into law. “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.
The tax reform bills, which were proposed by President Bola Tinubu on October 13, 2024, aim to simplify Nigeria’s tax system and promote economic growth. The bills include the Nigeria Tax Bill, Tax Administration Bill, and Joint Revenue Board Establishment Bill.
Additionally, the president seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service.The Nigerian Governor’s Forum (NGF) has expressed its support for the tax bills, proposing a new equitable sharing formula for Value Added Tax (VAT).
The NGF’s support was the outcome of a meeting between the forum and the presidential tax reform committee, convened on January 16 to deliberate on critical national issues.
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