Highlights Of The Finance Act 2023 And What Businesses Should Expect

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In the twilight of his administration on May 28, 2023, Nigeria’s immediate past President, Muhammadu Buhari, signed the Finance Act 2023 (the “Act”) into law. The Act takes retrospective effect from May 1, 2023, or such other date as may be indicated by an Act of the National Assembly, or an order or assent made by the President.

Essentially, the Act introduces key amendments to some of the existing federal tax statutes and specific legislations that are crucial to effective public financial management. Since 2019, a new version of the Finance Act has been enacted annually and this has become a constant fiscal policy instrument for the Federal Government. The current amendments are designed to advance key macroeconomic objectives of the Federal Government in the 2023 fiscal year through improved taxation strategies.

We have highlighted below the key changes that the Act has brought to the Nigerian tax regime, which may be of concern to individual and corporate taxpayers, as well as key industry players in various sectors of the Nigerian economy.

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