Why implementing new tax laws by January 1 is necessary – Oyedele

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Monday, enumerated consequences Nigerians should expect if the new tax laws are not implemented by January 1, 2026.

His explanation comes on the heels of clamours by former Vice President Atiku Abubakar, the 2023 presidential candidate of the Labour Party, Peter Obi, and several civil society organisations, for the suspension of the implementation of the laws.

Oyedele, while speaking on Channels Television’s The Morning Brief, noted that 98 per cent of workers will continue to suffer multiple taxations if the laws are not implemented.

The implication of not implementing the new tax laws by January 1, 2026, is that the bottom 98 per cent of workers remain overtaxed.

“Businesses will miss out on exemptions and will continue to pay multiple taxes, creating large burdens.

Minimum taxes continue to apply on low and small unprofitable businesses, hidden VAT continues to make prices of basic consumptions like food, healthcare, and education continue to go up,” he said.

He suggested that instead of asking for the cancellation of tax implementation, areas of concern should be addressed.

“So, we need to be clear about what we are asking for.

That is why I keep saying that even if it is established that there have been substantial alterations to what the National Assembly passed, my view will be to identify those provisions, and those provisions mean that, of course, they are not part of the law.

“So, you then go ahead to implement the law as passed by the NASS, while you address the issues as to how they got in there in the first place, and what to do.”

Oyedele noted that there were aspects of the version already passed by the National Assembly that needed to be amended.