The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said in Lagos that the federal government plans to begin in July the implementation of its tax reforms contained in the four bills now awaiting consideration by the National Assembly.
Oyedele, speaking at an event, The Platform, in Lagos, said the bills would be passed no later than March while further preparations for the reforms implementation would be done in the second quarter.
He said the committee expects the tax reforms to be approved, particularly the tax reform bills, before the end of the first quarter in order to give notice to taxpayers to prepare themselves with capacity and begin to implement around the first of July.
He described the reforms as transformational.
Oyedele said his committee has no objection to the amendment made to the Value-Added Tax sharing formula component of the bills by the Governors’ Forum.
