The Digest:
Global audit firm KPMG has warned of “errors, inconsistencies, gaps, omissions, and lacunae” in Nigeria’s New Tax Act 2025 and called for urgent revisions to meet its objectives. The review highlights risks of double taxation and compliance burdens
Key Points:
- KPMG identified multiple flaws in the New Tax Act 2025.
- It warned that Section 6(2) could lead to double taxation on foreign profits.
- The firm urged exempting non-resident companies from tax registration.
- It recommended removing restrictive forex deduction limits tied to CBN rates.
- KPMG said the current rent relief (₦500,000) is too low to ease the taxpayer burden.
- It called for clearer rules on capital losses and VAT-related deductions.
- The review aims to balance revenue generation with economic growth.
Sources: Nairametrics, The Cable, KPMG Newsletter
