₦airaland Forum

SKYVAN just dey pursue NAHCO

Princkez:
I'm also smelling bonus issue

I go too happy

GeeKudi:
Chasing dividends. Priviledged folks who are alreading peeping into the reports.

Make them declare 8naira at least 🙃

The 5million volume in NAHCO just now👁️👁️

Like play like play, jaiz don pass sterling for price

yMcy56:
We've mentioned it times without number here that people should make use of the "ATM WITHDRAWAL REQUEST" on the platform when initiating withdrawals and STOP sending emails to request withdrawals again.

Once you make withdrawal from the platform, you'll get an email acknowledgement from Morgan, then watch for credit alert to your bank account within same day (a matter of few hours).

As at today, someone made withdrawal in the morning and has gotten it because he confirmed it to me.....
Let's follow the right way

This is the method I used but I've been experiencing delays these days. Imagine clicking the ATM withdrawal option today at 10 am and as at 1pm the next day, no receipt of funds neither did I get an acknowledgement of my 2 follow up mail reminder. I had do my 3rd follow up with a phone call. Because of it, I didn't bother refunding my account with the inflow when I didn't need it anymore. I just transferred the money to my CardinalStone trading account. They should improve on responding to emails abeg.

yMcy56:
Happy New Year to all.
E Ku Market o
Greetings from the village head 🗣️

Street baba I greet o 🙌
Seems you're the only one that asked of me here.
I for don come tell you about one or two stocks on my radar which have rallied/ and rallying so far but not chanced.....

May this year be prosperous and profitable for us all IJN.

* If you have your NEIMETH hold am, it's repricing.......
Pharmaceuticals mentioned last year, especially the laggards (Neimeth, M&B), we've seen how well they're responding in market this January..
* VFD, IMG, MEYER, OANDO on my radar too.....some of the stocks that are yet to respond to the ongoing green...

My good sis. Happy New Year. May this year be all green 🍏 for you in Jesus name o. Amen fireeee 🔥🔥 . Good to hear from you

KarlTom:
In @Ginalex voice "somebody shout POWER!"

that stock showed me pepper

Yoursfaithful:
This guy need brain reset medicine aswear

Well I'm not surprised cos once you start working for a stupid government you become one

𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞 𝐭𝐨 𝐊𝐏𝐌𝐆: 𝐎𝐛𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐧 𝐍𝐢𝐠𝐞𝐫𝐢𝐚’𝐬 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐋𝐚𝐰𝐬

---𝘉𝘺 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘍𝘪𝘴𝘤𝘢𝘭 𝘗𝘰𝘭𝘪𝘤𝘺 𝘢𝘯𝘥 𝘛𝘢𝘹 𝘙𝘦𝘧𝘰𝘳𝘮𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦

We welcome all perspectives that contribute to a shared understanding and successful implementation of the new tax laws. We acknowledge that a few points raised by KPMG are useful, particularly where they relate to implementation risks and clerical or cross-referencing issues. However, the majority of the publication reflected a misunderstanding of the policy intent, a mischaracterisation of deliberate policy choices, and, in several instances, repetitions and presentation of opinion and preferences as facts.

𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐨𝐛𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐨𝐧𝐬

A significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either:

- the firm’s own errors and invalid conclusions,
- issues not properly understood by the firm,
- missed context on broader reforms objectives,
- areas where KPMG prefer different outcomes than the choices deliberately made in the new tax laws, and
- obvious clerical and editorial matters already identified internally.

While it is legitimate to disagree with policy direction, disagreements should not be framed as errors or gaps. KPMG would have been more effective if the firm adopted a similar approach like other professional firms who engaged directly providing the opportunity for clarifications and mutual-learning.

It is equally important to distinguish between policy choices designed to achieve the reform objectives and proposals that merely represent a firm's preference.

𝐏𝐨𝐥𝐢𝐜𝐲 𝐂𝐡𝐨𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐂𝐥𝐚𝐫𝐢𝐭𝐲 𝐨𝐧 𝐑𝐞𝐟𝐨𝐫𝐦𝐬

1. Taxation of Shares and the Stock Market

Contrary to the presumption that the new tax provisions on chargeable gains would trigger a sell-off on the stock market, the fact is that the applicable tax rate on share gains is not a flat 30%. The tax framework is structured from 0% to a maximum of 30%, which is set to reduce to 25%. Furthermore, a significant majority of investors (99%) are entitled to unconditional exemption, with others qualifying subject to reinvestment.

The market's performance, which is at an all-time high with increased investment flow, demonstrates investors understanding that the tax changes will enhance the fundamentals of firms both in terms of profitability and cash flows. The sell-off narrative is unsubstantiated as any disposals in December 2025 would have benefited from the re-investment exemption or enhanced deductions under the new law.

2. Commencement Date and Transition

The suggestion to set the commencement date as the start of an accounting period (e.g., 1 January 2026) takes a narrow view of the complex transition issues. A wholesale reform affects myriad issues beyond the accounting period, spanning multiple periods, different bases of assessment (preceding year, actual year), as well as issues related to audit, deductions, credits, and penalties. Limiting the commencement to a single date for accounting periods would fail to address the intricacies of continuous transactions and other transition matters. KPMG’s proposal is therefore not a “gold standard” to be applied to all new laws as suggested.

3. Indirect Transfer of Shares

The new provision to tax indirect transfer of shares is a policy choice aligned with global best practices and BEPS initiatives. Its objective is to block a long-exploited tax loophole by multinationals and other investors, not to affect competitiveness. This is a common provision in international tax, and the assertion that it may affect the country's economic stability is disingenuous.

4. VAT Exemption on Insurance Premium

KPMG's point regarding a specific VAT exemption on insurance premium is technically unnecessary, as an insurance premium is not a "taxable supply" defined under the Nigeria Tax Act. Insurance relates to risk transfer, not the supply of goods or services subject to VAT. As this has always been the administrative and legal position, a specific amendment for exemption is academic. If it is not broken, don’t fix it.

𝐈𝐬𝐬𝐮𝐞𝐬 𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐧𝐠 𝐌𝐢𝐬𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐁𝐲 𝐊𝐏𝐌𝐆

5. Inclusion of 'Community' in Definition

The concern about the inclusion of “community” in the definition of a ‘person’ but its omission from the charging section does not constitute a gap or ambiguity. In statutory interpretation, definitions provided in the law apply wherever the defined term appears, unless the context requires otherwise. Hence, ‘person’ and ‘taxable person’ are used in the charging section, and both definitions include ‘community.’ This approach is consistent with modern legislative drafting principles, which use comprehensive definitions to streamline operative provisions and avoid redundancy. This is similar to the inclusion of partnerships and executors in the definition but not under the charging section. The use of the word “includes” further signifies that the list of taxable persons is not exhaustive.

6. Joint Revenue Board (JRB) Composition

The composition and mandate of the Joint Revenue Board (JRB) are intentional. Its policy advisory role is specifically to provide a subnational tax and revenue perspective that complements the fiscal policy mandate of the Ministry of Finance. Its membership is appropriately limited to revenue-focused agencies, which is why it is called the Joint Revenue Board. This is a similar composition under which the former JTB operated effectively, and its functions remain consistent with the need for inter-agency coordination.

7. Distinction in Dividend Treatment

KPMG's analysis appears to mix the distinction between a foreign-controlled company and a foreign operation of a Nigerian company. Dividends distributed by a foreign company cannot be "franked" since no Nigerian Withholding Tax (WHT) would have been deducted. Section 162(1)(s) confers exemption on dividend, interest, rent, or royalty derived from outside Nigeria and brought into Nigeria through approved channels. The choice to treat dividends distributed by Nigerian companies differently from foreign companies is a deliberate policy choice, as they are fundamentally different for tax purposes.

8. Non-Resident Registration and Final Tax

The view that a payment subject to deduction as final tax should automatically exempt the non-resident recipient from tax registration misses a critical distinction. While the law conditionally exempts passive income from registration, the deduction of tax on non-passive income is not synonymous with an exemption from registration or filing of returns. The same way that residents are required to file returns on income such as interest (in the case of individuals) and dividend where WHT is final. Returns serve a broader purpose beyond solely generating tax revenue.

𝐊𝐏𝐌𝐆’𝐬 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥𝐬 𝐓𝐡𝐚𝐭 𝐖𝐨𝐮𝐥𝐝 𝐔𝐧𝐝𝐞𝐫𝐦𝐢𝐧𝐞 𝐊𝐞𝐲 𝐑𝐞𝐟𝐨𝐫𝐦 𝐎𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬

9. Tax on Foreign Insurance Premiums

The proposal to exempt foreign insurance companies from tax on premiums from insurance written in Nigeria to deepen penetration, while local insurance companies continue to pay tax, would be detrimental to the domestic insurance sector. This would create an unfair and harmful competitive disadvantage for local firms in their own market. The current policy is designed to protect and promote local industry and ensure a level playing field.

10. Parallel Market Forex Deduction

The new law disallows tax deduction for the difference where a business buys foreign exchange in the parallel market at a premium over the official rate. This is a critical fiscal policy choice designed to complement monetary policy, strengthen, and stabilise the Naira. By removing the tax subsidy for patronage of the parallel market, the policy aims to reduce incentives for round-tripping and redirect legitimate FX demands to the official market. This is policy congruence, not an error.

11. VAT Compliance-Linked Deductibility

The non-tax deduction for taxable transactions on which VAT has not been charged is a necessary anti-avoidance measure. It removes the advantage that some taxpayers previously enjoyed by patronising suppliers who evade VAT. This is a matter of fairness and is squarely within the control of a business to manage, especially given the provision for the self-charge of VAT. It also ensures that responsible businesses play their part in promoting voluntary tax compliance across the ecosystem.

12. Progressive Personal Income Tax

While KPMG acknowledges the reform objective of fairness and progressivity, the firm disagrees with a top marginal tax rate of 25% for the highest earners. In reality, the effective tax rate can be as low as 22% for an individual earning billions a year simply by contributing 10% to pension. This rate is competitive when compared to many other countries, including Angola 25%, Egypt 27.5%, Ghana 35%, Kenya 35%, the U.S. (Federal) 37%, South Africa 45%, and the U.K. 45%. So, the rate is not “oppressive” or one that will negatively affect economic growth as claimed, rather it ensures progressivity without compromising competitiveness. From a broader policy objective perspective, the increase in top marginal rate for high income earners and the reduction in corporate tax rate is designed to address the existing higher tax burden associated with business formalisation.

𝐅𝐚𝐥𝐬𝐞 𝐈𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐅𝐚𝐜𝐭𝐮𝐚𝐥 𝐄𝐫𝐫𝐨𝐫 𝐛𝐲 𝐊𝐏𝐌𝐆

13. Police Trust Fund

The Police Trust Fund was signed into law on May 24, 2019, with a six-year lifespan under section 2(2) of the Act, which ended in June 2025. Therefore, KPMG's point that the new tax law should be amended to repeal the taxing section of the Police Trust Fund Act is needless, as the provision no longer exists.

14. Small Company Verification

The analysis concerning the tax exemptions for small companies affecting large companies' obligations is not a new issue or an inconsistency in the new law. The small business threshold was introduced via the Finance Act 2021. This issue pre-dates the current tax laws and should not be presented as an error or omission simply by virtue of a higher tax exemption threshold under the new law.

𝐖𝐡𝐚𝐭 𝐊𝐏𝐌𝐆 𝐋𝐞𝐟𝐭 𝐎𝐮𝐭

While acknowledging the objectives of the reform, KPMG could have highlighted the major structural improvements under the new laws, including:
- simplification and tax harmonisation,
- the scope for reduction in corporate tax rate from 30% to 25%,
- expanded input VAT credits for businesses,
- tax exemption for low-income earners and small businesses,
- elimination of minimum tax on turnover and capital, and
- improved investment incentives for priority sectors.

A balanced assessment would have recognised these transformative elements, among others.

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐖𝐚𝐲 𝐅𝐨𝐫𝐰𝐚𝐫𝐝

The tax reform is the result of an extensive consultation with various stakeholder groups in addition to the legislative process that included widely publicised public hearings, avenues intended for all stakeholders including international firms to provide technical expertise at the formative stage.

In any comprehensive overhaul of a nation’s tax framework, clerical inconsistencies or cross-referencing gaps may occur, and these are already being identified within the government. The tax reform represents a bold step toward a self-sustaining and competitive Nigeria.

An effective review needs to connect identified gaps to clear policy intents and the reality of modern-day tax systems within the context of economic development and global competitiveness.

At this stage, the effectiveness of the tax law depends on administrative guidance, clarifications from the tax authority, and regulations to complement precise statutory provisions where necessary pending future amendments.

We urge all stakeholders to pivot from a static critique to a dynamic engagement model, which allows for clarifications and a productive partnership in the implementation of the new

At this point, na only Oyedele understand the tax laws, everyone else that points out the weaknesses or errors is either wrong, biased, quoting out of context, or deliberately mischievous according to him. Na him be the only genius wey dey Naija. KPMG na olodo

Streetinvestor2:
Whr is your faith .Some who claim to see the future are demonic manipulation..lol

I don already take up the public offer. No turning back

Agbalowomeri:
You are a pro in the waiting game na so even if you hook you go wait it out

Why you wan scare me ?

Not any financial advice. I decided to participate in TIP public offer

aj8:
DS, first target hit. Hold on till the second target of 89. We are well within our 6 months target. As long as a company’s statement of account is accurate and recognizes it's losses in her return to profit, the targets based on the calculations will hit if no significant negative economic down turn.





I guess it's making some sense even if not a lot of sense.

Common sense target strategy for the win

Streetinvestor2:
Why celebrate early. Something heading for #100 soon. I would have called it as my third stock but declined because I am looking at stocks that can deliver 100% in the yr.
Looking at sugar and Cadbury which will first hit #100 this yr

Omo sugar now on full bid

KarlTom:
There are strong indications that DANGSUGAR has recorded a marked turnaround
Not there yet but worth a mini rally...

Every mallam to his kettle

See ehn, sugar and NAHCO are my long-term stocks. I can't wait for sugar to start paying dividend again.

DANGSUGAR on the beat

As I broke even for prestige, I flew out ... Somebody shout power

Agbalowomeri:
I am hoping that Gina hasn't sold First bank already

I don sell o 50% for this Tinubu NGX Kon hard to come by . I say make I grab the one wey I fit

ositadima1:
I dey greet you. How life? Na just few days remain ooo, with how market dey be so, we go still fit see Christmas ram?

Be like say no be NGX go fund am na salary

ositadima1:
My Sister ha far?

This your how far dey suspicious Osita

EDUECO:
You only see the small picture (current price) and I only see the big picture(intrinsic value: consistent earnings and dividends)!

Talking about dividend, as them no declare, how you survive am? the "10 years consistent dividend payment" criterion don scatter abi. Now na intrinsic value you dey hold on to . Pele dear

handsomebolanle:
It's visible to the blind. I had an haircut and moved on.

... EDUECO you dey see am abi. Them say even blind man sef dey see am. As you no dey see am, which category you fall under? Because even the Jijo wey you try do no favor you

EDUECO:
Accesscorp is doing fine.

Yeah. Tell that to the blind

EDUECO:
I don't think Ginalex and Mercy have sold.

These 2 female investors are like gamblers; they indulge in too much risk.

Oga EDUECO, shey you no like focus on your Access bank stock wey dey bleed all this while?.. unfortunately for you, I'm not in the Asosavings canoe

Firstbank is finally shaking body😀😀

toyeoye:
Very well over 9B....Over 200M units traded on Monday

😳😲

toyeoye:
Not as massive as on Monday 24th

You mean it traded more than 9billion is value on Monday?

GTCO volumes today massive gan

nosa2:
By the time you take away transaction fees are you making any money?

yeah I am. E no plenty but gain na gain. 0.50 brokerage fee

Locotrader:
My statement is based on chart.
Some people have seen what the chart is saying at this time but they choose to deceive people because of selfish interest.
I have seen you are upcoming Jijoist.Keep your cash and be on the look to jump in when you are convinced to re enter

Thank you my oga

Locotrader:
You too are looking for a crazy support.
I pray this your 32 will work for you.
I am seeing 45 support after now.

At this point, na to remove any emotional attachments to any stock o. Zenith that I bought for 55 I sold for 61.70 today. I initially had UBA at 39.5 and exited at 42.15 last week... It's not looking like I made a bad decision to do so. The goal is to re-enter lower than I did the first time. Na First bank movement I no understand. My wacc has been on 31.50 since, yet the stock no gree move up or side. Despite the heavy bids.

Elumelu stocks dey cry . Make UBA enter 32 fess before I buy