The gazette copy (download here) of Nigeria’s Finance Act, 2019 (“the Act”) contains 57 provisions that amend 7 existing tax laws. It became effective from 13 January 2020 as specified in the Act.
Complementing Nigeria’s 2020 budget, the Act holds a lot of potentials and offers many policy interventions, carrots and sticks for bringing practically every taxpayer, particularly Micro, Small and Medium Sized Entities (MSMEs) in Nigeria into the tax net.
We will evaluate the provisions of the Act from different perspectives and discuss them one by one in our Finance Act series.
Here is the first of our Finance Act Series – 31 ways in which the Act benefits Nigerian taxpayers: