THE Federal Government has met with senior officials of global professional services firm KPMG to resolve concerns arising from the implementation of Nigeria’s newly introduced tax laws.
The meeting, held in Abuja yesterday, followed weeks of intense debate within the country’s business and professional circles over the implications of the new tax framework for companies and taxpayers.
KPMG Nigeria had earlier raised red flags in a report titled “Nigeria’s New Tax Laws: Inherent Errors, Inconsistencies, Gaps and Omissions,” drawing attention to issues such as the taxation of shares, dividend treatment, obligations of non-resident entities, and foreign exchange deductions.
The firm warned that these provisions could pose challenges for businesses and called for an urgent review of the laws.
In response, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, publicly defended the Nigeria Tax Act (NTA), insisting that KPMG had misunderstood the intent of the reforms.
However, during the latest engagement, the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, addressed and clarified several of the contentious areas in the Act.
The KPMG delegation acknowledged that parts of its earlier assessment had been misconstrued and expressed regret over the misunderstanding.
The firm said it was seeking further clarification on specific provisions while identifying areas where constructive recommendations could still be made.
Both parties agreed that differing interpretations of the law had contributed to confusion among taxpayers and emphasised the need for continuous engagement to resolve emerging concerns.
In a statement shared by the NRS, KPMG commended Adedeji for his leadership and the timely rollout of the reforms, noting that many of its initial concerns had been significantly allayed.
The firm described the tax reforms as necessary and timely, pledging continued professional collaboration to support effective tax administration and Nigeria’s broader economic growth.