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.
Source: KPMG, NRS meet after firm spots ‘errors’ in new tax laws
