Presidential Fiscal Policy and Tax Reforms Committee has dismissed key elements of KPMG’s recent analysis of Nigeria’s new tax laws, accusing the firm of misunderstanding policy intent and framing preferences as technical flaws.
Committee Chairman Taiwo Oyedele, in a January 10 statement on X, welcomed constructive input but rejected much of the report as mischaracterisation of deliberate choices.
Oyedele clarified that many issues flagged by KPMG as “errors” or “gaps”—including taxation of shares, indirect transfers, insurance VAT, and foreign exchange deductions—reflect intentional policy aligned with global standards, not oversights.
He debunked stock market sell-off fears, noting 99 percent of investors qualify for unconditional exemptions on share gains, with no flat 30 percent rate applying broadly.
The committee defended higher personal income tax bands for top earners as competitive globally and rejected foreign insurance exemptions that would disadvantage local firms.
Oyedele highlighted KPMG’s factual lapse on the Police Trust Fund Act, already repealed, and urged focus on implementation over static critique, emphasising tax harmonisation, lower corporate rates, and expanded incentives as core gains.
