Nigeria is scrapping its long-criticised Excess Dividend Tax (EDT) as part of sweeping reforms to clean up its corporate tax regime, a move welcomed by businesses and tax experts as positive for investment and transparency.
The controversial EDT had effectively penalised companies by levying an additional 30 percent tax on profits that had already been taxed or were exempt, simply because those profits were paid out as dividends. The policy discouraged reinvestment, profit repatriation, and the establishment of holding structures within Nige
