Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has reaffirmed that the inheritance tax will not be reintroduced in the new tax bills. This clarification came during a hearing on the four tax reform bills organized by the House of Representatives Committee on Finance. Oyedele explained that the section of the law being interpreted as introducing inheritance tax is actually referring to family income, which is different from inheritance.
Oyedele emphasized that income is external to the family, whereas inheritance refers to assets, wealth, and cash. He cited the Personal Income Tax Act, Section 2, subsection 5, as an example of where this provision already exists. Oyedele assured that this provision is not new and has been part of Nigeria’s tax laws since independence.