KPMG, NRS meet after debate over new tax laws

KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

In a statement on Monday, the NRS said Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.

NRS said the KPMG executives commended the chairman for his leadership and the timely implementation of the new tax laws, noting that “their initial apprehensions have been significantly allayed”.

“They affirmed that the reforms are both necessary and timely, and pledged continued professional engagement in support of effective tax administration and national economic growth,” the statement reads.

According to sources at the NRS, the firm’s executives came to seek clarity on specific provisions of the laws.

“A delegation of top executives from KPMG paid a courtesy visit to the Executive Chairman of the Nigeria Revenue Service (NRS), Zacch A. Adedeji PhD,” a source said.

“During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

Additionally, the source said the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique.

The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.