Nigerian Government Disputes KPMG's Critique of New Tax Laws

The Nigerian government's Presidential Fiscal Policy Tax Reform Committee has criticized KPMG's assessment of the country's recently enacted tax laws, pointing out alleged errors and gaps in the analysis. KPMG highlighted issues such as potential double taxation for foreign companies and urged the government to urgently review the legislation.

Taiwo Oyedele from the committee stated that KPMG's analysis failed to consider the broader fiscal and economic objectives of the tax reforms. The government refuted claims that the new tax laws would trigger a stock market sell-off, emphasizing that tax rates on gains from shares would range from zero to a maximum of 30%, potentially reducing to 25%.