Oludayo Adeniji, a partner with KPMG focusing on M&A transaction structuring, was the latest guest on Drinks and Mics Episode 20 where he opened up about Nigeria’s new tax law and the clauses shaping the nation’s fiscal future.
He also discussed the administration’s progressive tax structure, which provides tax relief for low-income earners while increasing the tax burden on high earners, specifically those earning 25 million naira annually.
In addition, Oludayo reflected on the decision to exempt small businesses with a turnover of 100 million naira and below from charging VAT and the management of Capital Gains Tax (CGT), which is now triggered by transaction proceeds exceeding 150 million naira.
But beyond statutory changes, Adeniji revealed the inner workings of tax planning and enforcement, highlighting the use of trust structures as a transparent way to manage inheritance and the government’s efforts to harmonize NIN and TIN to better identify taxpayers. He also addressed the power of substitution utilized by the Lagos State Internal Revenue Service (LIRS), explaining the rigorous legal processes and the tax appeal tribunal available to defend taxpayers’ rights in the face of public concern.
For an insightful exploration into Aden’s tax expertise and a closer look at the legislation’s most defining moments, watch the full interview on Nairametrics TV on YouTube.
