The FG inaugurates the subcommittee on tax reforms

The Minister of Finance and Coordinating Minister for Economy, Taiwo Oyedele, inaugurated a technical sub-committee on tax policy and tax reforms in Abuja on Thursday.

Oyedele, who chairs the Presidential Committee on Tax Policy and Tax Reforms, said the subcommittee would strengthen Nigeria’s ongoing tax and tax reforms.

He said the mandate would focus on addressing implementation challenges and improving clarity, simplicity, competitiveness and predictability within the tax system.

According to him, Nigeria’s tax reforms culminated in four major laws that came into effect on January 1.

The minister listed them as Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Tax Service Establishment Act and Joint Board of Revenue Establishment Act.

Oyedele said the Finance Bill 2027 should build on the 2025 reforms rather than rewrite its fundamental principles.

He said the bill must respond to implementation challenges, unintended consequences and emerging economic realities.

The minister said the public call for submissions received 134 proposals from all six geopolitical zones in Nigeria.

He added that the proposals focus on simplification of tax laws, multiple taxation, digitalisation, data sharing, taxpayers’ rights, refunds, small businesses and investment competitiveness.

Oyedele urged the subcommittee to evaluate all proposals objectively, based on evidence, national interest and their potential economic impact.

He advised members to protect the integrity of existing reforms while ensuring that policies remain fair, efficient and competitive.

Co-Chairman of the Technical Subcommittee on Tax Policy and Tax Reforms, Albert Folorunsho, assured the timely delivery of the mandate.

Folorunsho, who is also the chairman of the Tax Advisory Committee, said the committee will prepare the Finance Bill 2027, examine the regulation of withholding tax and examine the Significant Economic Presence Order.