Following the controversy generated by the new Capital Gains Tax, the National Tax Policy Implementation Committee (NTPIC), over the weekend revealed that it will consult widely in addressing areas of concern.
The Committee assured Nigerians and the investing public that it would be fair, responsible and transparent while giving the policy a human face in the course of execution.
The Chairman of the committee, Joseph Olasunkanmi Tegbe, who gave the assurance in Abuja, after the Committee’s inauguration by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also promised that areas of concern in the new tax law, including the Capital Gains Tax (CGT), will be addressed via wider consultations.
Daily Trust reports that the government plans to impose a 30 per cent levy on the sale of Nigerian shares unless the proceeds are reinvested in other listed or unlisted domestic equities.
The change, which is part of the new tax law, would triple capital gains tax on foreigners. Stakeholders in the Nigerian capital market had called for a moratorium because of concerns that the policy would deter foreign investors.
