Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says proposed changes in Nigeria’s tax laws will significantly boost revenue.
On October 3, President Bola Tinubu asked the national assembly toThe bills include the Nigeria tax bill, the tax administration bill, and the joint revenue board establishment bill.value-added tax to 10 percent by 2025 and reduce company income tax to 27.5 percent from an average of 30 percent over the same period.
According to the bill, personal income tax will be raised to 25 percent for high earners from next year, from about 20 percent. Tinubu is also seeking to repeal the law establishing the Federal Inland Revenue Service and replace it with the Nigeria Revenue Service.the proposed bills, following a joint meeting with the northern traditional rulers council at the Kaduna government house on October 28.
The governors asked the national assembly to reject any legislation that may harm the region’s interests, calling for equitable and fair implementation of national policies and programmes to prevent marginalisation of any geopolitical zone.that the proposed laws were not recommended by Tinubu to disadvantage any part of the country as they were designed to improve the lives of Nigerians and optimise existing tax frameworks.
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