The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Taiwo Oyedele, (PFPTRC), has stated that the Finance Act will become “null and void” once the Tax Reform Bills are passed into law by the legislature and the executive.
He made this clarification during a virtual stakeholder session for tax consultants and chief financial officers (CFOs) on the proposed tax bills, which was monitored by news outlets.
Oyedele emphasized that Nigerians should not expect an annual Finance Act, as the committee has advised the federal government not to introduce a Finance Act in 2024.
He explained that the provisions of previous Finance Acts may have already been incorporated into the new reform bills.
However, if any provisions from past Finance Acts are not included in the new bills, they will no longer be valid once the bills are enacted.
He further stressed that all current tax regulations have been thoroughly reviewed and considered in the drafting of the new bills.
Additionally, Oyedele noted that the committee recommends a review of the tax bills every five years, once they are passed into law.
