Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, confirmed inheritance tax is not included.
Speaking at a House Committee on Finance hearing, he explained that Section 4(3) of the bill addresses only family income.
Oyedele stated that inherited assets, wealth, and cash differ from taxable family income generated through rented properties or businesses.
He emphasized that this provision has existed since independence and remains in the Personal Income Tax Act under Section 2(5).
FIRS Chairman, Zach Adedeji, condemned free zone investors producing goods under a different tax system and selling in Custom areas.
He insisted that no responsible government should allow actions creating unfair competition with tax-paying businesses within the Custom territory.
Oyedele dismissed claims that seventy percent of investors withdrew funds due to unfavorable policies, calling such reports misleading.
Manufacturers Association President, Otunba Francis Meshioye, criticized tax waivers being excluded from profits on manufactured exports, urging government reconsideration.
He noted that manufactured exports declined from $6.7 billion in 2019 to $1.6 billion in 2023 due to weak incentives.
