In a statement issued on Saturday, Oyedele said while some points raised by KPMG were useful, the bulk of the report mischaracterised the objectives and structure of the new tax framework. “While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps,” the statement said. Regarding indirect transfer of shares, the statement described the provision as a deliberate policy choice aligned with global best practices and BEPS initiatives, aimed at closing long-exploited loopholes by multinationals. Issues raised on small company exemptions were noted to predate the new laws under the Finance Act 2021. The clarification comes after KPMG Nigeria’s report, which flagged potential errors, gaps, and inconsistencies in the newly gazetted tax laws, including concerns over taxation of shares, dividend treatment, non-resident obligations, and foreign exchange deductions, warning that these could affect businesses and taxpayers.

Source: Punch January 10, 2026 10:10 UTC