The Federal Government on Monday met with senior officials from the global professional services firm, KPMG, to address concerns regarding Nigeria’s new tax laws.
The meeting, which took place in Abuja, followed growing debate within the business and professional community over how the new tax framework could impact businesses and taxpayers.
The engagement came after KPMG Nigeria published a report titled “Nigeria’s New Tax Laws: Inherent Errors, Inconsistencies, Gaps and Omissions,” highlighting potential issues with provisions related to the taxation of shares, treatment of dividends, obligations of non-resident entities, and foreign exchange deductions. The firm warned that these provisions could negatively affect both businesses and individual taxpayers, and called for a review of the legislation to address the “errors, inconsistencies, gaps, omissions, and lacunae” it identified.
Following the report, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, defended the Nigeria Tax Act, asserting that the objectives of the reforms had been misunderstood by KPMG.
During Monday’s meeting, the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, clarified the areas of concern raised by the firm. His explanations helped address ambiguities in the Act and provided insight into the government’s intentions behind the reforms.
In response, the KPMG team acknowledged that their earlier statements had been misconstrued and expressed regret over the misunderstanding. The delegation also sought further clarification on certain provisions and highlighted areas where professional recommendations could still be made.
Both parties agreed that differences in interpretation had caused confusion among taxpayers and emphasized the need for continued engagement to resolve ongoing issues. The KPMG team also praised Adedeji for the timely and effective implementation of the tax reforms, noting that many of their initial concerns had been addressed.
In an update shared on 𝕏, the NRS stated:
“The Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji, today received a delegation of top management from KPMG on a courtesy visit.
The KPMG executives commended the Executive Chairman for his leadership and the timely implementation of the new tax laws, noting that their initial apprehensions have been significantly allayed.”
The statement added that KPMG affirmed the reforms were “both necessary and timely” and pledged continued professional engagement to support effective tax administration and national economic growth.
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