Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has said that the January 1, 2026 date for the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act is sacrosanct.
According to Oyedele, “The plan to commence the new laws on January 1, 2026, will go ahead as planned on schedule because these reforms are designed to provide relief to the Nigerian people.
“Bottom 98 per cent of workers will see either no Pay As You Earn, PAYE, tax or lower taxes to be paid.
“Small businesses; 97 per cent of them will be exempted from Corporate Income Taxes, Value Added Tax, VAT, and Withholding Tax, and large businesses will see a drop in the taxes that they pay.
“The whole idea is to try and promote economic growth, inclusivity as well as shared prosperity for our people.”
Oyedele disclosed this on Friday in Lagos, while briefing journalists after meeting with President Bola Tinubu.
At the meeting with Tinubu were Chairman of the Federal Inland Revenue Service, FIRS, Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe.
On the alleged alterations to the tax laws, Oyedele welcomed the position of the National Assembly.
He said the Federal Government will work with the lawmakers to address the concerns raised by Nigerians.