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.
Plus234Feed summary based on reporting from NairaMetrics. Read the original report below.
Read full article
Continue on NairaMetrics
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Concerns Rise Over Nigeria's 30% Capital Gains Tax Hike
Taiwo Oyedele Defends Nigeria's Capital Gains Tax Reforms Amid Investor Feedback
Investor Panic as Nigeria Introduces Capital Gains Tax on Equities
FG Introduces 25% CGT to Curb Equity Flight, Analysts Warn of Dampened Returns
Nigeria's New Tax Regime Raises Concerns on Industrial Growth; Reforms Needed
OPS Raises Concerns Over New Tax Laws' Impact on Investment Climate
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
