The Finance ACT2019; An Amendment To Existing Tax Laws
The Finance Act recently signed into law by President Muhammadu Buhari is a game changer with the overall objective of not only raising government revenue through various fiscal policies but also, reforming domestic tax laws to align with global best practice.
With the new Act, major amendments were made to already existing tax laws such as the Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff Act, Personal Income Tax Act, Capital Gains Tax Act, Stamp Duties Act and the Petroleum Profit Tax Act.
The changes in each of these laws have been highlighted below.