Nigeria:
Finance Bill 2019 Passes Second Reading – Seeking To Change The Nigerian Tax Landscape
21 November 2019
Deloitte Nigeria
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The Finance Bill, 2019 (the Bill), presented alongside the 2020
proposed budget to a joint session of the National Assembly on 8
October 2019 by President Muhammadu Buhari, has passed the second
reading. The Bill's strategic objectives, amongst others,
include promoting fiscal equity, reforming domestic tax laws,
introducing new tax incentives and raising revenue for the
government.
The crux of the Bill is the proposed amendments to the
provisions of the most relevant direct and indirect tax
legislation. The highlights of some of the proposed amendments
vis-à-vis the affected tax legislation are as follows
The proposed amendment is a good step towards achieving the
objectives of the Presidential Enabling Business Environment
Council (PEBEC) with respect to paying taxes. Please watch out for
our newsletter on this topic for a more detailed analysis of each
proposed amendment and attendant implications.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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