Economy
Tax Committee Tells KPMG: Your Tax Law Review Misunderstood Policy Intent
Tax Committee Tells KPMG: Your Tax Law Review Misunderstood Policy Intent
Tax committee tells KPMG: Your tax law review misunderstood policy intent. The presidential fiscal policy and tax reforms committee has pushed back against KPMG’s critique of the new tax laws.
In a statement on Saturday, the committee said the majority of KPMG’s review reflects “a misunderstanding of the policy intent” and a “mischaracterisation of deliberate policy choices”.
KPMG had said in its newsletter that there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
However, the committee said a significant proportion of the issues described as “errors”, “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
According to the committee, some of the issues also stem from KPMG missing the broader reform context, preferring alternative outcomes to deliberate policy choices made in the new tax laws, or raising clerical and editorial matters already identified internally.
“We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws,” the committee said.
“We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues.
“However, 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.”
The committee said KPMG should have engaged directly with it, as other firms have done, rather than framing policy disagreements as errors or gaps.
“It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm’s preference,” the committee added.
‘NEW TAX RULES WON’T TRIGGER 30% FLAT TAX ON SHARE GAINS’
The committee said the new tax rules on share gains will not trigger a 30 percent flat tax, contrary to concerns raised by KPMG.
It explained that applicable rates range from 0 percent to 30 percent, and are set to reduce to 25 percent, and that 99 percent of investors are entitled to unconditional exemption.
According to the committee, KPMG’s proposal for a single commencement date oversimplifies complex transition issues and ignores broader implications for multiple accounting periods, assessments, audits, and transactions.
“Limiting the commencement to a single date for accounting periods would fail to address the intricacies of continuous transactions and other transition matters,” the committee said.
“KPMG’s proposal is therefore not a ‘gold standard’ to be applied to all new laws as suggested.”
The committee also said the new tax on indirect share transfers is intended to block exploited loopholes, aligns with global norms, and is not designed to undermine competitiveness, contrary to claims that it could destabilise the economy.
Tax Committee Tells KPMG
On value-added tax, the committee said KPMG’s call for VAT exemption on insurance premiums is unnecessary, noting that insurance premiums are not “taxable supplies” under Nigeria’s tax law and are already exempt.
‘ISSUES REFLECTING MISUNDERSTANDING BY KPMG’
The committee said the omission of the word “community” from the charging section does not create a gap, as statutory definitions apply throughout the law unless the context requires otherwise.
It added that the composition and role of the Joint Revenue Board (JRB) are deliberate, with a focus on subnational tax perspectives and inter-agency coordination.
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.
Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.
EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.
Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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