This morning, President Buhari signed the Finance Bill into Law.
According to President Buhari, this is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation, and to create a truly enabling environment for business and investment by the private sector.
The Finance Act introduces significant changes to 7 tax laws as follows:
- Companies Income Tax Act
- Value Added Tax Act
- Customs and Excise Tariff etc. Act
- Personal Income Tax Act
- Capital Gains Tax Act
- Stamp Duties Act
- Petroleum Profits Tax Act
Overall, the Act seeks to:
- Reform Nigeria’s tax laws to align with global best practices;
- Support Micro, Small and Medium Enterprises in line with the Country’s Ease of Doing Business Reforms;
- Incentivise investments in infrastructure and capital markets;
- Raise Government revenues
Our articles, detailing the changes in Tax Laws as introduced by the Finance Act (final harmonised/ signed version), and the practical implications, will be published in series in the coming days/ weeks.
As recommended in our earlier newsletter, only proper and timely bookkeeping/ accounting, early issuance of audited financial statements, and proper tax advisory can help businesses successfully navigate the new Finance Act.
Businesses can rest easy on any tax law changes with our Tax and Accounting Services Cover (TAS Cover) package once they subscribe here; or once they book an associated service here.