Nigeria to Implement Tax Reforms by Start of July

New rules intended to simplify Nigeria’s tax system are set to take effect in July, according to the committee charged with the reforms.

Legislation is to be passed this quarter, with further preparations for implementation to follow in subsequent months, according to Taiwo Oyedele, head of the Presidential Fiscal Policy and Tax Reforms Committee.

The reforms are intended to centralize and simplify tax collection, including a reduction of more than 60 separate taxes and levies to six.

“We can give notice to tax payers to prepare themselves, build capacity and begin to implement around the first of July,” Oyedele said at an event in Lagos on Saturday.

Still, some of the committee’s proposals remain contentious. Moves to double value added tax to 15% over six years and cut company taxes to 25% in the same period are opposed by Nigeria’s powerful state governors.

Lawmakers will now consider all views, including those put forward by the governors. Any final amendments will then be made before the legislation is presented to the president to be signed into law.