Taiwo Oyedele Clarifies Power of Substitution in Nigeria's Tax Law During Webinar

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reform, addressed the power of substitution in Nigeria's tax law during a webinar. Oyedele emphasized that the authority to substitute in tax matters is not a new concept and is prevalent worldwide.

He explained that this power allows tax authorities to act when taxpayers fail to file returns or provide accurate information, such as details on bank activities, property acquisitions, or overseas travel. Oyedele highlighted the process where taxpayers must self-assess and file returns, with penalties for non-compliance.

He stressed that the new tax legislation includes stronger safeguards to prevent abuse and improve tax dispute resolution mechanisms. Oyedele urged taxpayers to file returns promptly, emphasizing the benefits of tax reforms for all stakeholders, including small businesses, large corporations, foreign investors, and households.