Taiwo Oyedele clarified that inheritance tax is not being reintroduced in Nigeria’s tax reform bills. He distinguished income tax from inheritance tax, emphasizing that the provisions in the bills relate solely to family earnings. Additionally, he refuted claims of investor withdrawal from free zones due to unfavorable policies, highlighting ongoing economic activity.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has confirmed that the new tax reform bills currently under consideration in the National Assembly will not include a reintroduction of inheritance tax. This statement was made during a public hearing organized by the House of Representatives Committee on Finance, chaired by Hon. James Faleke. Oyedele clarified that the relevant section being misinterpreted relates to family income, not inheritance.
In summary, the current discussions surrounding Nigeria’s tax reform bills do not include a reintroduction of inheritance tax, as clarified by Taiwo Oyedele. He emphasized the distinction between income derived from families and inheritances or assets. Furthermore, the ongoing claims regarding significant investor withdrawals from free zones have been labeled as unfounded, with firm support for the proposed tax bills, particularly in relation to manufacturing incentives and corporate income tax reduction.
Original Source: www.zawya.com
