Tinubus tax laws.webp
The Digest:

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has confirmed the Federal Government will proceed with implementing new tax legislation on January 1, 2026, despite recent controversies.

Key Points:
  • Oyedele stated the rollout is on schedule after a meeting with President Bola Tinubu.
  • He emphasized the reforms aim to provide relief, with 98% of workers seeing reduced or no PAYE taxes.
  • 97% of small businesses will be exempt from Corporate Income Tax, VAT, and Withholding Tax.
  • Large businesses are also expected to see a reduction in their overall tax burden.
  • The goal is to promote economic growth, inclusivity, and shared prosperity.
  • Oyedele welcomed the National Assembly's position on allegations of discrepancies in the gazetted laws.
  • The government expressed readiness to work with lawmakers to address public concerns.
The move signals a firm commitment to a controversial overhaul aimed at stimulating the economy through measured fiscal relief.

Sources: Channels Television, Premium Times