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The implementation of the new tax laws will commence on January 1, 2026, as proposed, but will be undertaken in a responsible and humane manner, the chairman of the newly inaugurated National Tax Policy Implementation Committee (NTPIC), Mr. Joseph Tegbe, has said.
He spoke in Abuja, yesterday, shortly after the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the committee.
The chairman said that his team would consult widely with various segments of the society, including business groups and professional bodies in the implementation of the laws. Mr. Tegbe assured that the implementation would not harm any business and that his committee would ensure that businesses were incentivised to blossom under the new tax administration, as well as, attract more local and foreign investors. His words, “Let me say that it’s extremely important to emphasize that the work ahead is huge and is critical for our national progress.
“The laws touch the foundations of tax administration, level the movement of federal and state interpretation, and ease of doing business.“We want to reassure Nigerians and investors that implementation of this act will be fair, will be transparent, and we will do it with human face.
”There have been concerns, and I will touch on that.
“There will be no surprises. Some of those areas of concerns will be addressed. The systems that we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.
“The committee inaugurated today has been set up to ensure broad and meaningful consultation and collaboration. We do believe it is extremely important. We want to ensure that all stakeholders are aware and have fair buy-in and ownership of whatever we implement.
“So we will meet widely, both businesses, subnational governments, civil societies, and also professional bodies.”
No personal bank accounts encroachment. Mr. Tegbe said that in implementing the tax laws, the government would not enchroach on personal bank accounts.
“The government has no business irresponsibly encroaching on personal bank accounts of citizens or its residents in Nigeria. The government is not going to be encroaching on their personal accounts.
Nigerians are not under probe or under investigation,” the chairman said.
He assured that areas of concern such as the Capital Gains Tax would be looked into.
According to him, “There are areas of concerns that have been expressed. This government is a humane government, and this government will work hard with stakeholders to ensure that areas that need further clarification and further resolutions are addressed. One of those areas is Cpital Gains tax ( CGT ).”
“We will ensure that we are fully engaged and ensure that whatever resolutions are done actually takes into consideration the concerns that have been expressed.
“In as much as we are going ahead with January 1, there might be some provisions that we will need to take a second look at before then, to ensure that we implement everything in a responsible and humane manner.
CGT almost crashed the capital market
Mr. Tegbe justified the plan to consult more on the CGT, noting, the controversy generated by a comment about it almost crashed the stock exchange.
His words, “On the Capital Gains Tax, there have been controversies. It almost crashed the stock market when some statements were made.
“It took the intervention of the Minister of Finance for the stock market to bounce back . We will look at that. And some of the things you will hear in the next few days are that there might be areas where status quo might be maintained.
“So when I talk about implementation, running, cooperating with refinements, so many status quo will remain while we consult and ensure that even when you implement what might seem to be unbeneficial, you might realize that you can even make it more beneficial.
And that’s what I talked about refinements, during implementation.”
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