The Chairman of the Presidential Committee on Fiscal Coverage and Tax Reforms, Taiwo Oyedele, says the January 1, 2026, date for the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act is sacrosanct.
Oyedele disclosed this on Friday in Lagos whereas briefing journalists after assembly with President Bola Tinubu.
“The plan to begin the brand new legal guidelines on January 1, 2026, will go forward as deliberate on schedule as a result of these reforms are designed to offer aid to the Nigerian individuals,” he mentioned after the assembly, which was attended by the Chairman of the Federal Inland Income Service (FIRS), Zacchaeus Adedeji, and the Chairman of the Nationwide Tax Coverage Implementation Committee, Joseph Tegbe.
“Backside 98 per cent of employees will see both no Pay As You Earn (PAYE) tax or decrease taxes to be paid, small companies 97 per cent of them will likely be exempted from Company Revenue Taxes, Worth Added Tax (VAT), and Withholding Tax, and huge companies will see a drop within the taxes that they pay.
“The entire concept is to attempt to promote financial progress, inclusivity in addition to shared prosperity for our individuals,” he added.
Oyedele welcomed the place of the Nationwide Meeting on the allegations about alteration. He mentioned the Federal Authorities is able to work with the federal lawmakers to handle the issues raised by Nigerians, together with opposition figures.
READ ALSO: Implications Of Not Implementing New Tax Laws By January 1 — Oyedele
Controversy trails new tax legal guidelines.
A member of the Home of Representatives, Abdussamad Dasuki, just lately raised issues about what he described as discrepancies between tax legal guidelines handed by the Nationwide Meeting and the variations subsequently gazetted and made obtainable to the general public.
Dasuki argued that his legislative rights had been breached as a result of the content material of the gazetted tax legal guidelines didn’t replicate what lawmakers debated and accredited on the ground of the Home.
“Earlier than you’ll be able to say there’s a distinction between what was gazetted and what was handed, we’ve what has not been gazetted. We don’t have what was handed,” he mentioned.
“The official harmonised payments licensed by the clerk, which the Nationwide Meeting despatched to the President, we don’t have a replica to check. Solely the lawmakers can say authoritatively what we despatched.
“It ought to be the Home of Representatives or Senate model. It ought to be the harmonised model licensed by the clerk. Even me, I can’t say that I’ve it. I solely have what was introduced to Mr President to signal.”
Tinubu signed the 4 tax reform payments into regulation, marking what the federal government has described as essentially the most vital overhaul of the nation’s tax system in many years.
The tax reform legal guidelines, which confronted stiff opposition from federal lawmakers from the northern a part of the nation earlier than their passage, are scheduled to take impact on January 1, 2026.
The legal guidelines embrace the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Income Service (Institution) Act, and the Joint Income Board (Institution) Act, all working below a single authority, the Nigeria Income Service.
