The Presidential Fiscal Policy and Tax Reforms Committee says it will transmit its policy recommendations to the National Assembly by the end of Q3 2024.
These include new National Tax and Borrowing Policies to be implemented in September and new proposals to amend the Constitution, which would take effect from 2025.
“We’re at a point now where we’re drafting the laws, including possible amendments to the Constitution. We envisage that by quarter three, our documents will be ready to go to the National Assembly and by the end of that Q3, we should have them enacted into law,” the Committee’s chairman, Taiwo Oyedele, said after a close-out retreat held on Saturday at the Transcorp Hilton, Abuja.
Oyedele said the Federal Government would now exempt 95 per cent of the informal sector and focus on the 5 per cent middle class and the elites, insisting that “the days of being above the law in paying taxes are over.”
On August 8, 2023, President Bola Tinubu inaugurated the Presidential Fiscal Policy and Tax Reforms Committee led by Oyedele, a fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers.
At the inauguration ceremony, Tinubu said, “To ensure seamless implementation, the Committee shall be empowered not merely to make recommendations but also to provide practical support to the government in the execution and delivery of the recommended changes.
“The Committee is expected to achieve its mandate within one year. In the first instance, they are expected to deliver a schedule of quick reforms that can be implemented within thirty days.
