The chairman of the Presidential Fiscal Coverage and Tax Reforms Committee, Taiwo Oyedele, has reaffirmed that the implementation of the brand new tax reforms will begin on January 1, 2026.
Oyedele assured that the reforms underneath the brand new tax legal guidelines are meant to supply aid to Nigerians and stimulate financial progress.
He disclosed this whereas addressing journalists following the go to of the Nationwide Tax Coverage Implementation Committee, NTPIC, chaired by Joseph Tegbe, to President Bola Tinubu at his residence in Lagos.
In accordance with Oyedele: “The plan to begin the 2 remaining new legal guidelines on the first of January 2026 will go forward as deliberate on schedule as a result of these reforms are designed to supply aid to the Nigerian folks.
“Backside 98 per cent of staff will see both no PAYE tax or decrease taxes to be paid; small companies, 97 per cent of them, shall be exempted from company earnings tax, VAT, withholding tax, and enormous companies will see a drop within the taxes that they pay.
“The entire thought is to try to promote financial progress, inclusivity, and shared prosperity for our folks. We are literally excited on the progress we’re making, and we’re trying ahead to January 1, 2026.”
