The Federal Government has defended Nigeria’s newly enacted tax laws following concerns raised by KPMG, insisting the firm’s conclusions were largely based on misinterpretation rather than actual errors. The Presidential Fiscal Policy and Tax Reforms Committee said most issues labelled as gaps or omissions reflected differences in policy preference and misunderstanding of reform objectives.
The committee acknowledged useful observations around implementation risks and clerical matters but rejected claims on share taxation, VAT on insurance premiums, commencement timelines, and indirect share transfers. It clarified that the chargeable gains regime is graduated, with most investors exempt, and aligned with global best practices.
Officials also dismissed suggestions that the reforms threaten market stability, citing strong stock market performance. The government maintained that the tax changes followed broad consultations and legislative scrutiny, urging stakeholders to engage constructively to ensure effective implementation of the Nigeria tax reforms.
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