The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has dismissed concerns raised by KPMG Nigeria over Nigeria’s newly gazetted tax laws, saying most of the issues flagged by the firm stemmed from misunderstandings of policy intent or disagreement with deliberate reform choices.
In a statement issued on Saturday, Oyedele said while the committee welcomed constructive feedback, “a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues,” but stressed that “the majority of the publication reflected 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.”
Providing clarifications on key provisions, Oyedele said the taxation of shares and the stock market was “structured from 0% to a maximum of 30%, which is set to reduce to 25%,” with “99% of investors entitled to unconditional exemption,” dismissing fears of a market sell-off.
He added that treating indirect transfer of shares as taxable was a deliberate policy aligned with global best practices, while insurance premiums were not subject to VAT under the Nigeria Tax Act. “While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps,” the statement said, noting that minor clerical inconsistencies were being addressed administratively.
The committee urged stakeholders to move from “static critique to dynamic engagement,” describing the reforms as “a bold step toward a self-sustaining and competitive Nigeria,” following KPMG’s report warning of potential gaps and inconsistencies in the new tax framework.