Nigeria: National Assembly Anticipates New Tax Regime by September

National Assembly Anticipates New Tax Regime by September
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The Presidential Fiscal Policy and Tax Reforms Committee has announced plans to submit its policy recommendations to the National Assembly by the end of the third quarter of 2024. These recommendations include the introduction of new National Tax and Borrowing Policies slated for implementation in September, along with proposals for constitutional amendments set to take effect from 2025.

Chairman of the committee, Taiwo Oyedele, made this disclosure following a close-out retreat held at the Transcorp Hilton, Abuja. He outlined the timeline for drafting the necessary legislation, indicating that the documents would be ready for submission to the National Assembly by the end of Q3.

Oyedele highlighted the government’s intention to shift focus towards the middle class and elites while exempting 95% of the informal sector from taxation. Emphasizing the importance of tax compliance, he stated, “the days of being above the law in paying taxes are over.”

The committee’s inception dates back to August 8, 2023, when President Bola Tinubu inaugurated the Presidential Fiscal Policy and Tax Reforms Committee under the leadership of Taiwo Oyedele. Tinubu emphasized the committee’s mandate to provide practical support to the government in executing recommended changes.

Oyedele’s committee has since been instrumental in proposing significant tax reforms, including the consolidation of over 200 taxes into 10 and recommending exemption thresholds for small businesses earning less than N25 million annually.

Addressing concerns about multiple taxations and policy flaws, Oyedele called for patience, assuring citizens of ongoing progress and improvements in the fiscal system. He pledged enhanced efficiency in government spending to benefit the majority, particularly those living in poverty.

The committee’s comprehensive approach aims to foster a more equitable and sustainable tax regime, reflecting the government’s commitment to fiscal responsibility and economic growth.

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