Omo, you don hear wetin KPMG talk about Nigeria new tax laws wey just start on January 1, 2026? E get as e be sha! Dem don spot plenty wahala wey fit spoil market for businesses and taxpayer dem.
The report from KPMG show say dem notice some palava like errors, inconsistencies, and gaps wey fit cause serious wahala for compliance. Wetin be this one na? Section 3(b) and (c) of the Nigeria Tax Act no even mention ‘community’ as taxable, e mean say dem no sure if community go pay tax o! If dem wan collect tax from community, dem suppose write am for Section 3 sharp sharp.
Then, Section 6(2) don create another gbege as e dey plan to tax foreign dividends different from local one. This one fit cause wahala because dividends wey foreign companies dey drop go dey taxed mingle-mangle with local companies. Na who dey handle this matter for finance ministry? Na beta work too much for una side!
KPMG don raise alarm say non-residents wey no get permanent establishment fit dey confused about tax registration. E mean say if dem no dey for ground, dem no suppose dey struggle with tax returns, but the law no clear. Wetin we go call this? Trouble dey waiting to happen!
Sections 20 and 21 still dey limit how expenses on foreign currency go dey handled. Dem say make you no dey chop forex unless e dey match Central Bank rate, wetin be this level of condition? As economy dey drag, na wetin we need now na make things soft for liquidity, not tightening the noose!
Oya, make we talk about the recommendations wey KPMG don throway. Dem suggest say government need make am clear as per all these gaps and omissions if dem wan really make sense with the new tax laws. If no, e go be like say dem just dey clink bottles without reason!
For long story short, make dem no just rush come out any ‘certified’ Acts without making sure sey e dey complete and fit for purpose. We go dey follow am closely as di matter dey unfold.
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