Tax Committee Clarifies New Laws After KPMG Flags Errors

Taiwo Oyedele, Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has clarified Nigeria's newly gazetted tax laws following concerns raised by KPMG Nigeria. KPMG had flagged potential errors, gaps, and inconsistencies affecting shares, dividends, non-resident obligations, and foreign exchange deductions that could impact businesses and taxpayers.

Oyedele explained that most issues KPMG described as 'errors,' 'gaps,' or 'omissions' actually reflect either incorrect conclusions, matters taken out of context, or deliberate policy choices that the firm would have handled differently. The committee emphasized that disagreements with policy direction should not be framed as errors.

Key clarifications: Tax on shares ranges from 0% to 30% (reducing to 25%), with 99% of investors getting unconditional exemption. Insurance premiums are not subject to VAT. Non-residents must still register for tax even if withholding tax applies. Indirect share transfers align with global best practices to close loopholes.

Minor clerical issues are being fixed through administrative guidance. The committee urges stakeholders to move from 'static critique to dynamic engagement' for successful implementation.

SOURCE: https://www.channelstv.com/2026/01/10/oyedele-clarifies-kpmgs-errors-in-gazetted-tax-laws/