KPMG Don Blow Whistle on Naija Tax Laws Weh No Clear

Naija no go believe wetin KPMG just drop about di new tax laws wey dem pass this year. According to dem, e get plenty wahala wey fit hold us back if dem no urgent fix am.

For di report wey KPMG drop, dem show say di new Nigeria Tax Act (NTA) get serious errors, inconsistencies, and shortfalls wey fit make investors wan take leg waka. No be small matter! Dem talk say di reforms suppose improve tax collection, but if dem no clarify di laws sharp sharp, e fit scatter everything.

One big issue wey dem find na di way wey dem dey calculate capital gains tax. Dem dey calculate am based on di sale price minus wetin di asset don worth before taxes. But dem no take inflation for mind, which mean say Naija wey dey face high inflation don dey affect how tax is calculated. Dis one fit make taxpayers dey pay tax on money wey dem no really make. KPMG don recommend make dem introduce allowance wey go fit adjust profits for inflation, make every gbas gbos dey clear.

Another wahala na Section 47 wey dey talk about indirect transfer of shares by non-residents. E get as e dey affect foreign investments as dem don dey charge tax for transfer wey no follow correct procedure. Na wetin dey discourage foreign investment, and Nigeria need all di help we fit get.

KPMG also don vex about di way wey dem dey handle expenses wey relate to forex. Dem dey limit how much businesses fit claim back based on Central Bank rate, but di reality no be so as many businesses dey pay higher rates for black market. Dem suggest say make di rules change to fit accommodate real-life expenses. Dis na how dem wan make di economy dey work better.

As di audit firm dey call for government to amend plenty sections, dem also sabi say dem need to harmonize di new rules with international best practices. Dis one go fit attract serious investments and curtail capital flight wey fit occur if high-income earners begin dey relocate abroad because of tax wahala.

KPMG no dey alone for dis matter o, other firms dey cry out say dem need clarity for taxes make e no go turn plenty litigation later. Naija need to organize di tax environment make e dey encourage businesses and not dey scare dem away. Time to wake up and fix dis issue before e turn serious gbege!