11PLC CEO Raises Concerns Over Nigeria's 30% Capital Gains Tax Hike

The CEO of 11PLC, Otunba Adetunji Oyebanji, expressed concerns over Nigeria's recent tax reforms, particularly the sharp increase in capital gains tax (CGT) from 10% to 30%. Oyebanji warned that the higher CGT rate could discourage major investments in the country, making the economy less appealing for projects.

He also highlighted challenges posed by new tax reporting requirements, especially for small and medium enterprises (SMEs). Oyebanji emphasized the need for a transitional period to ease the impact of the reforms on businesses.

The Chartered Institute of Directors (CIoD) is engaging with tax authorities to provide feedback on the reforms aimed at improving governance, revenue generation, and stimulating economic growth.