A Commentary On Key Amendments Introduced By The Finance Act 2023

Introduction

Nigeria's tax laws and regulations have undergone various amendments in the past, with the Finance Act 2023 ("the Act or "FA") being the most recent amendment. The Act, which became effective on 1 May 2023 though assented to on 28 May 2023 modified certain sections of the Capital Gains Tax Act, Companies Income Tax Act, Customs Excise Tariff etc. (Consolidation) Act, Personal Income Tax Act, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act, Corrupt Practices and other Related Offences Act, the Public Procurement Act, the Tertiary Education Trust Fund (Establishment e.t.c) Act and the Ministry of Finance (Incorporated) Act. The objective of the Act is the amendment of existing tax laws in line with the macroeconomic policy reforms of the Federal Government. This article highlights the key amendments introduced by the Act to the existing tax laws and regulatory framework, and the significance of such amendments.