The Finance Act 2023 (the “FA 2023”) was signed into law by former President Muhammadu
Buhari on 28 May 2023, prior to his leaving office. The FA 2023 takes effect from 28 May
2023, and it replaces the Finance Bill 2022 (“FB 2022”), which had been circulated widely
within the public domain. The Finance Act 2023 introduces some sweeping changes, such as
the withdrawal of incentives, the introduction of a loss relief regime for the disposal of
assets, and the inclusion of digital assets as chargeable assets for capital gains tax purposes,
which had been anticipated by taxpayers, based on the provisions of the FB 2022. Unlike in
previous years, the FA 2023 was not signed into law and did not become effective in the first
quarter of 2023.
KEY LAWS AMENDED BY THE FA 2023
The Finance Act 2023 amends the Capital Gains Act 2004 (as amended) (“CGTA”), Companies
Income Tax Act 2004 (as amended) (“CITA”), Customs, Excise Tariff, Etc. (Consolidation) Act
2004 (as amended) (“CETA”), Personal Income Tax Act 2004 (as amended) (“PITA”), Petroleum
Profit Tax Act 2004 (as amended) (“PPTA”), Stamp Duties Act 2004 (as amended) (“SDA”),
Value Added Tax Act 2004 (as amended) (“VAT”), Corrupt Practices and Other Related
Offences Act (as amended) (“CPORO Act”), Public Procurement Act (“PRA”), Tertiary
Education Trust Fund (Establishment Etc.) Act 2010 (as amended) (“TET Fund Act”) and the
Ministry of Finance (Incorporated) Act 2004 (as amended) (“MOF Act”).
KEY CHANGES INTRODUCED BY THE FA 2023
The following is a summary of some of the amendments to the major tax laws.
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Read the original publication at UUBO.
