Chairman of the Presidential Committee on Fiscal and Tax Reform, Taiwo Oyedele, has announced that the committee has submitted approximately 10 tax reform bills to the National Assembly for constitutional amendments.
Gatekeepers News reports that Oyedele made this disclosure in an interview with Channels TV’s Sunrise Daily on Tuesday.
According to Oyedele, the committee has drafted entirely new versions of major tax laws in Nigeria, noting that most existing laws date back to the colonial era. He emphasized that some issues identified by the committee require legislative amendments, not just executive orders.
“We have sent about 10 amended bills to the National Assembly for constitutional amendments because some of the issues we identified emanated from the constitution itself. We have done a lot of work,” Oyedele said.
In addition, the committee has submitted five draft executive orders to the President for approval, including a withholding tax regulation that has been signed by the Minister of Finance.
Oyedele also announced that the federal government has approved a new withholding tax system that includes exemptions for farmers, producers, manufacturers, and others.
