Chai! My people, wahala no dey finish for tax matter! As Dem dey shift things up for Naija, our oga at the top, Taiwo Oyedele wey be Chairman of the Presidential Fiscal Policy and Tax Reforms Committee don come clear wetin dey happen for this new tax law wey just land.
Last time KPMG Nigeria bring some serious gist about di tax law, dem talk say dem see plenty errors and wahala wey fit affect businesses. But Oyedele no gree! E explain say plenty of wetin KPMG talk na just misunderstanding or dem no sabi wetin dem dey discuss.
According to Oyedele, some points wey KPMG raise dey okay, especially concerning how e go affect implementation. But make we no deceive ourselves, plenty of di gist na just how dem misinterpreted di whole tax framework. Na wetin e talk through statement wey drop for Saturday.
“We go welcome all perspective but make no be say wahala go full ground. Dis new tax law get better plan and structure, so all dis gists wey KPMG drop like errors na mischief,” Oyedele yarn.
When dey come talk about taxation of shares for market, dem reduce am from 30% wey dey stack to 25%. Oyedele clear say 99% of investors go get exemption from taxes wey fit disturb dem. Dem dey try make sure say no market sell-off go happen anytime soon.
About when dis tax law go start, oyedele talk say e no go fit sync too much with accounting periods as e dey complex pass dem matter. Na total reform wey go scatter and realign everything wey involve audits, deductions, and credits, no be small p!
As dey continue to dissect di mata, Oyedele talk say indirect transfer of shares na to block loopholes wey foreign companies dey use chop Naija money. Dem also chook eye for insurance premium matter too; insurance no dey subject to VAT, so all dis clang clang for exemption matter no dey make sense.
Dey talk about dividend taxation, e clear say foreign company dividends no go fit frank, because no Nigerian withholding tax ben dey take place. Na deliberate choice dem make to treat Nigerian and foreign dividends differently because tax na serious matter, no be small play.
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