Tax laws not perfect, subject to regular reviews - Oyedele - Businessday NG

Contributing sentiments towards policy:

67% : "We expect that as a result of this transformative tax reform, awareness of tax obligations will increase, tax culture will improve, and compliance will rise.
60% : Oyedele disclosed this on Friday in Lagos while briefing journalists after a meeting with President Bola Tinubu ahead of the implementation of the Nigerian Tax Act (NTA) and the Nigeria Tax Administration Act (NTAA).
59% : "The remaining two laws, the Nigerian Tax Act and the Nigerian Tax Administration Act, are scheduled to commence on January 1, 2026," he said.
56% : " Oyedele said the committee met the President to provide an update on the implementation of the tax reform laws.
56% : Over time, revenue will come from economic growth, not because tax rates have gone up, but because the tax base has expanded," he said.
53% : Therefore, the plan to commence the remaining two tax laws on January 1, 2026, will go ahead as scheduled," he said.
53% : "One of the reasons why two of the tax laws took effect about six months ago was to allow institutions to start getting ready.
51% : Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has said the Federal Government will continue to subject tax laws to regular reviews.
51% : "As you are already aware, there are four tax laws.
46% : Debunking claims that the reforms would worsen hardship for Nigerians, Oyedele said President Tinubu's tax reforms were initiated to promote inclusive economic growth and shared prosperity.
46% : "When people who were not paying taxes before begin to pay, and these are not low-income earners, you not only get more revenue, you also achieve greater fairness in society," he said.
44% : "The intention of this tax reform is not immediate revenue generation.
40% : "For example, the Office of the Tax Ombudsman cannot be set up and begin operations on the same day.
39% : "About 98 percent of workers at the bottom of the income ladder will either pay zero tax or lower taxes.
39% : About 97 percent of small businesses will be exempt from corporate income tax, VAT and withholding tax, while large businesses will see a reduction in the taxes they pay," he said.
31% : Read also: Oyedele labels circulating gazetted bills fake amid legislative backlash Oyedele explained that the tax reform bills spent nine months at the National Assembly, from October 2023 to June 2025, adding that preparations began from day one.

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