The Nigerian tax landscape has continued to witness significant
changes, with the most recent being the presidential assent to the
Finance Bill 2019 (now Finance Act) on 13 January 2020.
The Finance Act, 2019 (the Act) sets five strategic objectives,
which include:
- raising government revenue through
various fiscal measures;
- reforming domestic tax laws to align
with global best practice;
- promoting fiscal equity by mitigating
instances of regressive taxation;
- supporting small business entities in
line with Ease of Business Reforms; and
- introducing tax incentives for
investments in infrastructure and capital market.
In order to achieve the broad objectives stated above, the Act
amended some key provisions of the Companies Income Tax Act (CITA),
Value Added Tax Act (VATA), Personal Income Tax Act (PITA),
Petroleum Profit Tax Act (PPT), Stamp Duties Act, Capital Gains Tax
Act (CGTA) and the Customs, Excise Tariff etc. (Consolidation) Act.
The
