Nigeria’s Tax Reform Clarifications: No Inheritance Tax to be Reintroduced
Taiwo Oyedele reassured Nigerians that the new tax bills will not include inheritance tax. He clarified that the proposed taxation concerns family income, not inherited assets. Oyedele also dismissed claims of mass withdrawal of investments from free zones, emphasizing the government’s focus on fostering a favorable economic environment for manufacturers.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, provided assurances on Thursday regarding Nigeria’s new tax bills, stating that there are no plans to reinstate inheritance tax. Speaking at a hearing organized by the House of Representatives Committee on Finance, he clarified misconceptions surrounding Section 4, Subsection 3 of the tax bill, which refers to family income rather than inheritance tax.
In summary, the current tax reform discussions in Nigeria emphasize the distinction between taxation on family income and inheritance assets. The government remains committed to ensuring equitable tax collection while addressing investors’ concerns in free zones. Furthermore, there is a focus on supporting manufacturing through tax reductions and carefully managing export policies.
Original Source: www.zawya.com
