latest
Nigerian Government Hits Back At KPMG, Defends New Tax Laws As Misunderstood.
According to Nivo News, the Nigerian government has defended its newly implemented tax laws following critiques by KPMG, insisting that many of the accounting firm’s claims are based on misunderstandings and invalid conclusions rather than actual errors. The Presidential Fiscal Policy and Tax Reforms Committee, led by Chairman Taiwo Oyedele, said that while some of KPMG’s observations regarding clerical issues and implementation risks are valid, the majority of the criticisms misinterpret the law or reflect policy preferences rather than genuine flaws.....KINDLY READ THE FULL STORY HERE▶
The committee clarified that disagreements over policy direction should not be portrayed as technical mistakes and urged professional firms to engage through consultations. On the issue of share taxation, it explained that the new chargeable gains framework applies a graduated scale up to 30 percent—reducing to 25 percent—with 99 percent of investors qualifying for unconditional exemptions. The committee dismissed claims that the reforms would trigger a stock market sell-off, citing record-high performance.
It also defended the provisions taxing indirect share transfers as consistent with global standards, aimed at closing loopholes previously exploited by multinationals, and refuted assertions that the measures could destabilize the economy. The committee further addressed VAT and insurance concerns, noting that insurance premiums are not classified as taxable supplies under Nigerian law, making special exemptions unnecessary.
KPMG’s observations on issues such as the definition of “community” as a taxable person, the Joint Revenue Board, and dividend taxation were described as deliberate policy choices aligned with international norms. The committee also rejected suggestions to exempt foreign insurance firms from tax on Nigerian-written premiums, warning that such exemptions would disadvantage local companies. Claims that the top personal income tax rate of 25 percent is oppressive were countered, with the committee stating that effective rates remain competitive regionally and globally.
Highlighting factual inaccuracies in KPMG’s report, the committee pointed to outdated references to the Police Trust Fund and prior small company exemptions. While acknowledging minor clerical points, it noted that these are already being addressed. The government emphasized the broader benefits of the reforms, including tax harmonization, reduced corporate rates, expanded VAT credits, support for low-income earners and small businesses, and improved investment incentives.
The committee concluded that the tax reforms resulted from extensive consultation and legislative scrutiny and urged stakeholders to focus on constructive engagement to ensure smooth implementation. “While some points raised by KPMG are useful, the majority of the publication misrepresents policy intent, deliberate choices, and in many instances presents opinions as facts,” the committee stated.
entertainment
“Being Arrogant Is Good” — Burna Boy’s Mother Defends Son Amid Heavy Backlash.
Singer Burna Boy’s mother, Bose Ogulu, has come to his defence following widespread criticism on social media.....KINDLY READ THE FULL STORY HERE▶
latest
LP: Appeal Court Ruling Victory For Rule Of Law – Usman.
The Interim National Chairman of the Labour Party, Nenadi Usman, has reacted to the Court of Appeal judgment in her favour, describing it as a victory for democracy, justice, and the rule of law.....KINDLY READ THE FULL STORY HERE▶
latest
Victory In Court As Charges Against MKO’s Widow Are Dismissed, ₦100m Compensation Ordered.
A High Court of the Federal Capital Territory (FCT), Abuja, has dismissed all allegations filed by the Nigeria Police Force against Prof. Zainab Duke-Abiola, widow of the late Chief M.K.O. Abiola.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
