Nigeria’s proposed tax law changes are expected to significantly increase revenue, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
In an interview with Bloomberg on Friday, Oyedele emphasized that the reforms would double revenue as a share of the country’s Gross Domestic Product (GDP) within two to three years. “If we are moving from 9 percent to 18 percent, that means we are doubling it,” he stated.
The tax reform bills, submitted to the National Assembly by President Bola Tinubu on October 3, include the Nigeria Tax Bill, the Tax Administration Bill, and the Joint Revenue Board Establishment Bill. Key proposals include increasing Value-Added Tax (VAT) to 10 percent by 2025 and reducing Company Income Tax (CIT) to 27.5 percent from 30 percent. Personal Income Tax (PIT) for high earners would rise to 25 percent from 20 percent starting next year.
