The chairman of the newly inaugurated National Tax Policy Implementation Committee (NTPIC), Mr Joseph Tegbe, has stated that the implementation of the new tax laws will begin on January 1, 2026, as proposed, but will be carried out responsibly and humanely.
He made this known in Abuja yesterday, shortly after the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, inaugurated the committee.
Mr Tegbe explained that the committee would engage in extensive consultations with different segments of society, including business groups and professional bodies, before implementing the new laws. He assured that no business would be harmed and that the committee would ensure businesses are properly incentivised to grow under the updated tax regime while also attracting more local and foreign investors.
According to him, “Let me say that it’s extremely important to emphasise 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 a human face.”
He acknowledged the concerns raised by the public, adding, “There will be no surprises. Some of those areas of concern will be addressed. The systems that we are building will respect legitimate expectations, reduce uncertainty, and protect the most vulnerable.”
Mr Tegbe emphasised that the committee was created to ensure “broad and meaningful consultation and collaboration,” stressing the importance of carrying all stakeholders along. He added that the committee would meet widely with businesses, subnational governments, civil society organisations, and professional bodies.
No Encroachment on Personal Bank Accounts
Mr Tegbe clarified that the implementation of the new tax laws would not involve infringing on the personal bank accounts of Nigerians.
He stated, “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.”
He further assured that areas of concern, such as the Capital Gains Tax (CGT), would be thoroughly reviewed.
According to him, “There are areas of concern that have been expressed. This government is humane, 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 Capital Gains Tax (CGT).”
He added that while implementation is set for January 1, some provisions may need further review before the date to ensure that everything is done “in a responsible and humane manner.”
CGT Controversy Almost Crashed Capital Market
Mr Tegbe justified the need for more consultation on CGT, noting that recent controversy caused by comments on the tax almost destabilised the stock market.
He said, “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.”
He suggested that some aspects of the law may remain unchanged while consultation continues. He added that refinements during implementation could lead to more beneficial outcomes.
According to him, “So many status quo will remain while we consult and ensure that even when you implement what might seem to be unbeneficial, you might realise that you can even make it more beneficial. And that’s what I talked about, refinements, during implementation.”
