Page 49 - UUBO Deal Academy 2020 - Materials

Finance Act 2019 – Introduction and objectives

 Signed into law on 13 January Amends 7 • Company Income Tax Act
2020 by the President Tax Laws Increase Pallatives • Personal Income Tax Act
Revenue
• Petroleum Profit Tax Act
 The Act is expected to change • • Capital Gains Tax Act
Value Added Tax Act
the tax landscape in Nigeria • Customs & Excise Act
as it contains amendments to • Stamps Duty Act
the provisions of some extant
tax laws.

Raise revenue for Government,
through various fiscal Promote fiscal equity by
measures, expand the tax base mitigating instances of regressive
by leveraging the digital and discriminatory taxation rules
economy

Provide incentives for MSMEs Reform domestic tax laws to align
and large economic players in with global best practices and

% line with doing business respond to long time agitations
reforms & drive for by taxpayers. Simplified rules for
investments in critical sectors greater efficiency

01