New Tax Reforms to Take Effect January 1, 2026 — Oyedele

The chairman of the Presidential Fiscal Policy and TaxReforms Committee, Taiwo Oyedele, has reaffirmed that the implementation of thenew tax reforms will commence on January 1, 2026. Oyedele assured that the reforms under the new tax laws areintended to provide relief to Nigerians and stimulate economic growth. He disclosed this while addressing journalists following thevisit of the National Tax Policy Implementation Committee, NTPIC, chaired byJoseph Tegbe, to President Bola Tinubu at his residence in Lagos. According to Oyedele: “The plan to commence the tworemaining new laws on the 1st of January 2026 will go ahead as planned onschedule because these reforms are designed to provide relief to the Nigerianpeople. “Bottom 98 per cent of workers will see either no PAYE taxor lower taxes to be paid; small businesses, 97 per cent of them, will beexempted from corporate income tax, VAT, withholding tax, and large businesseswill see a drop in the taxes that they pay. “The whole idea is to try and promote economic growth,inclusivity, and shared prosperity for our people. We are actually excited atthe progress we are making, and we are looking forward to January 1, 2026.”

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