Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has strongly rebutted KPMG’s recent observations on Nigeria’s new tax laws. Oyedele argued that the firm misinterpreted deliberate policy choices as errors, stressing that the reforms are aimed at boosting fairness, competitiveness, and long-term economic stability.
In a detailed statement on X, Oyedele welcomed constructive feedback but said most of KPMG’s claims were flawed. “The majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts,” he said, highlighting that policy disagreements should not be framed as technical mistakes.
Oyedele also addressed fears around the taxation of shares and potential stock market sell-offs, describing them as unfounded. He noted that a significant majority of investors—99%—are entitled to unconditional tax exemptions on share gains. The market’s strong performance, he said, indicates that investors understand and are adapting to the reforms.
The chairman defended the indirect transfer of shares and VAT rules, emphasizing alignment with global best practices. He also dismissed suggestions to exempt foreign insurance companies from tax or allow deductions tied to parallel market foreign exchange, calling these proposals counterproductive. According to Oyedele, the measures are strategic fiscal choices designed to strengthen and stabilize Nigeria’s economy.
While acknowledging that minor clerical issues may arise, Oyedele stressed that they are being addressed internally. He urged stakeholders to engage constructively rather than focus on static criticism. “We urge all stakeholders to pivot from a static critique to a dynamic engagement model,” he said, describing the new tax laws as “a bold step toward a self-sustaining and competitive Nigeria.”
source: arise