Speaking at The Platform, a national development-focused event hosted by The Covenant Nation, Oyedele revealed this on Saturday.
According to him, taxpayers will have plenty of time to get ready for the changes as the tax reforms will go into effect in July 2025.
“We expect the tax reform bills to be approved by the end of Q1 2025,” he said.
“With implementation beginning around July 1, we want to make sure taxpayers are given enough notice to get ready and build the necessary capacity.”
Four important tax reform proposals were sent to the National Assembly by President Bola Tinubu in October 2024 for review and approval. Among the suggested laws are:
Nigeria’s tax bill
The Tax Administration Bill
Establishment Bill for the Joint Revenue Board;
The Nigeria Revenue Service will take the place of the Federal Inland Revenue Service (FIRS), which will be repealed.
The goal of the tax changes is to reduce inefficiencies in the tax system and simplify Nigeria’s economic policy.
Governors Support the VAT Sharing Formula
In the meantime, the tax reform measures have received support from the Nigerian Governors’ Forum (NGF). As part of the revisions, the forum also suggested a new formula for equitable value-added tax (VAT) sharing.
The proposed formula distributes 20% on population, 30% on derivation, and 50% on equality.
On January 16, 2025, the NGF and the presidential tax reform committee met to consider this plan.