NASS to Receive Tinubu’s Tax Reforms Committee Report by September
The Presidential Fiscal Policy and Tax Reforms Committee has announced plans to transmit its policy recommendations to the National Assembly by the end of the third quarter of 2024.
Led by Taiwo Oyedele, the committee disclosed that it aims to implement new National Tax and Borrowing Policies in September, along with proposals to amend the Constitution, which are expected to take effect from 2025.
After concluding its proposal phase, the committee is currently engaging with the private sector throughout May for further consultations. It anticipates obtaining internal approvals from the Federal Executive Council, National Economic Council, and other government organs by the end of June.
According to Oyedele, the committee aims to have its documents ready for submission to the National Assembly by the third quarter of the year, with enactment into law expected before the end of the same quarter. However, regulations requiring only ministerial signatures will be implemented sooner.
Among the proposed reforms are a new National Tax Policy, a Spending Policy to guide government expenditures, and a Borrowing Policy to fulfill the social contract with the people. These reforms are slated for implementation before the end of the year.
Addressing concerns about tax thresholds for small businesses, Oyedele revealed that businesses earning less than N25 million annually would be exempt from company income tax and VAT. The committee advocates for supporting the growth of the informal sector by granting legal exemptions to 95% of businesses within it.
Oyedele emphasized the need for government officials to lead by example in tax compliance, asserting that tax evasion should no longer be tolerated.
Regarding the Cybersecurity Levy, Oyedele acknowledged policy flaws and urged patience from Nigerians facing multiple taxations, assuring them that improvements would be made progressively.
As the committee continues its work, it remains committed to addressing tax-related challenges and ensuring enduring reforms for the benefit of all Nigerians.
