The Presidential Committee on Fiscal Policy and Tax Reforms has dismissed a recent report by global consulting firm, KPMG, describing it as misleading and not reflective of the objectives and contents of Nigeria’s proposed tax reform measures.

In a statement issued on Friday in Abuja, the committee said the KPMG report contained several assumptions and interpretations that could misinform the public and investors about the scope, intent and potential impact of the ongoing tax reforms being undertaken by the Federal Government.

The committee, chaired by Mr Taiwo Oyedele, explained that the tax reform initiatives were designed to simplify Nigeria’s tax system, reduce the burden on low-income earners and small businesses, and improve revenue mobilisation without stifling economic growth.

According to the panel, contrary to claims in the KPMG report, the proposed reforms are not aimed at introducing excessive taxes or increasing hardship for businesses and individuals.

“The report does not fully consider the reliefs, exemptions and transitional arrangements embedded in the proposed reforms. Our objective is to make taxation fairer, simpler and more growth-oriented,” the committee stated.

It clarified that one of the key goals of the reforms is to harmonise multiple taxes, eliminate duplication across federal, state and local governments, and enhance compliance through technology-driven administration.

The committee also stressed that extensive consultations were carried out with stakeholders, including the private sector, professional bodies and subnational governments, before recommendations were finalised.

“These reforms are the product of broad engagement and data-driven analysis. Any assessment that ignores this process risks presenting an incomplete picture,” the panel noted.

The tax reform committee urged the public and business community to rely on official documents and communications from the Federal Government for accurate information on the reforms.

It reaffirmed its commitment to transparency and assured Nigerians that the proposed changes would be implemented gradually, with safeguards to protect vulnerable groups and promote investor confidence.

The committee further welcomed constructive criticism and pledged to continue engaging stakeholders to ensure that the tax reforms support Nigeria’s long-term economic stability and development.