Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has strongly rebutted KPMG Nigeria’s analysis of the Nigeria Tax Act, stating the firm fundamentally misunderstands the reform’s objectives. Responding to KPMG’s claim that “there are certain errors, inconsistencies, gaps, omissions, and lacunae in the new tax laws,” Oyedele characterized the majority of the consulting firm’s publication as reflecting “a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.” He emphasized that many issues labeled as errors or gaps are either KPMG’s own misinterpretations or represent the firm’s policy preferences rather than actual deficiencies.
While acknowledging some useful points regarding implementation risks and clerical issues, Oyedele criticized KPMG for not engaging directly with reform officials like other professional firms have done. He defended the Act’s transformative elements, including simplification measures, corporate tax rate reductions from 30% to 25%, tax exemptions for low-income earners and small businesses, and improved investment incentives. “At this stage, the effectiveness of the tax law depends on administrative guidance, clarifications from the tax authority, and regulations to complement precise statutory provisions where necessary pending future amendments,” Oyedele stated, urging stakeholders “to pivot from a static critique to a dynamic engagement model.”