Inheritance Tax Will Not Be Re-introduced In New Tax Bills- Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians that inheritance tax will not be reintroduced in the new tax bills currently being considered by the National Assembly.

Oyedele made the clarification in Abuja at the ongoing Public hearing of the Tax reform bills organized by the House of Representatives Committee on Finance.

He explained that a section of the law being interpreted as introducing inheritance tax actually refers to family income, emphasizing that income is different from inheritance.

He also addressed allegations of investors withdrawing funds from free zones due to unfavorable policies, dismissing the claim as false.

Also speaking the Chairman Federal Inland Revenue Service, FIRS, Zach Adedeji, criticized investors who manufacture in free zones but attempt to sell their products in customs areas, stating that no responsible government would allow such a practice.

In his submission, the President of the Manufacturers Association of Nigeria MAN, Francis Meshioye, commended the government for introducing the tax reform bills but expressed concerns over the lack of incentives for manufacturers producing for export.

Meshioye proposed capping the allowable percentage of goods sold into the free zone at 25%, citing Ghana’s 30% limit as a model.

He praised the government’s plan to reduce corporate income tax, noting that this strategy boosts production and economic growth globally.

Oduyemi Odumade, Edited By Grace Namiji