FG SUMMONS KPMG OVER TAX LAW ‘ERROR’ CONTROVERSY
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By: Balogun Ibrahim
The Federal Government on Monday held a meeting with top officials of global professional services firm KPMG to address concerns and disagreements linked to the implementation of Nigeria’s new tax laws.
The meeting, held in Abuja, came amid intense debate within Nigeria’s business and professional community over the impact of the new tax framework.
KPMG Nigeria, in a report titled “Nigeria’s New Tax Laws: Inherent Errors, Inconsistencies, Gaps and Omissions,” raised concerns over several provisions, including the taxation of shares, dividend treatment, non-resident obligations, and foreign exchange deductions, warning that these issues could adversely affect businesses and taxpayers.
The firm urged a review of the tax laws, highlighting what it described as “errors, inconsistencies, gaps, omissions, and lacunae” that needed urgent reconsideration.
In response, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, defended the Nigeria Tax Act (NTA) and clarified the policy’s intent, asserting that KPMG Nigeria had misunderstood the reform.
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In an update during the meeting, Dr. Zacch Adedeji, Executive Chairman of the National Revenue Service (NRS), clarified key areas of concern in the new tax Act.
The KPMG team acknowledged that their earlier assessment of the laws had been misinterpreted and expressed regret over the misunderstanding. They also sought further clarification on specific provisions and highlighted areas where recommendations could be made.
Both sides recognized that differing interpretations had caused confusion among taxpayers and agreed that ongoing dialogue would be essential to resolve emerging issues.
During the meeting, Dr. Zacch Adedeji, Executive Chairman of the National Revenue Service (NRS), provided clarifications on key concerns surrounding the new tax Act.
The KPMG team admitted that their earlier assessment of the laws had been misinterpreted and expressed regret over the misunderstanding. They also requested further clarification on certain provisions and identified areas where recommendations could be proposed.
Both parties acknowledged that differing interpretations had contributed to taxpayer confusion and agreed that continued dialogue would be crucial to addressing emerging issues.
“They affirmed that the reforms are necessary and timely, and pledged ongoing professional engagement to support effective tax administration and national economic growth,” the NRS said in an update on X.
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