In recent discussions about Nigeria’s tax reforms, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, confirmed that the Nigerian government is open to adjusting its proposed Value Added Tax (VAT) structure. This announcement comes amid the ongoing debates surrounding four major tax reform bills currently in the National Assembly.

The four bills, including the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, are designed to overhaul the country’s tax system. However, one of the key points of contention is the proposed change in the VAT structure.

Oyedele clarified that while the government believes the new VAT structure based on the Derivative Principle would benefit the entire country, they are ready to consider keeping the current VAT system under the Attribution Principle if that is what the public and lawmakers prefer.

He stressed that the ultimate goal of the reform is to improve Nigeria’s tax system for long-term national development. However, Oyedele emphasized that discussions on the details of these reforms are still open, and the government is willing to make compromises to address concerns.

For now, the government remains focused on resolving the VAT issue and finding a fair solution that can move Nigeria forward. The outcome of these tax reforms will play a critical role in shaping the nation’s economic future.