Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said yesterday that new tax laws are expected before end of this year.
According to him, ten amendment bills have been sent to the National Assembly to address constitutional issues, including overlapping taxing rights.
He said the committee drafted new tax bills instead of amending old ones.
“We took the view that amending outdated laws inherited from our colonial past was insufficient. Instead, we drafted new laws entirely.
“Our goal is to ensure clarity and avoid the suffering caused by conflicting taxes such as VAT and state-level consumption taxes,” Oyedele said.
The comprehensive reform approach is expected to culminate in the enactment of new laws by the end of the third quarter.
Some reforms, like the withholding tax regulation, may take effect this year, Oyedele said.
He also said the collection of Value Added Tax (VAT) on food items, healthcare, housing, education and transportation will soon end under a new policy.
