FINANCE ACT, 2023

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FINANCE ACT, 2023

LAWS OF THE FEDERATION OF NIGERIA

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EXPLANATORY MEMORANDUM

This Act amends the relevant tax, excises and duty statutes in line with the macroeconomic policy reforms of the Federal Government, and makes further provisions in specific laws in connection with the public financial management of the Federation.

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ARRANGEMENT OF SECTIONS

PARTI – PRELIMINARY PROVISION

1.     Amendment Cap. C1, C21,C49, S8 V1, LFN, 2004; No. 13, 2007, No. 5, 2000, No. 16, 2011 and No. 14, 2007

PART II – CAPITAL GAINS TAX A –

2.     Amendment of section 3

3.     Substitution for section 5

4.     Amendment of section 31

PART III – COMPANIES INCOME TAX ACT

5.     Amendment of section 14

6.     Deletion of section 32

7.     Deletion of section 34

8.     Deletion of section 37

9.     Amendment of the Second Schedule

PART IV – CUSTOMS, EXCISE, TARIFF ETC (CONSOLIDATION) ACT

10.    Amendment of section 13

11.    Amendment of section 21

12.    Amendment of section 22

PART VI – PERSONAL INCOME TAX ACT

13.    Amendment of section 33

PART VII – PETROLEUM PROFIT TAX ACT

14.    Amendment of section 2

15.    Amendment of section 10

16.    Substitution for section 23

17.    Substitution for section 30

18.    Substitution for sections 51 and 52

19.    Amendment of section 53

20.    Deletion of section 55

PART VIII – STAMP DUTIES ACT

21.    Amendment of section 89

PART IX — VALUE ADDED TAX ACT

22.    Amendment of section 7

23.    Amendment of section 14

24.    Amendment of section 16

25.    Amendment of section 46

PART X – TERTIARY EDUCATION TRUST FUND (ESTABLISHMENT ETC) ACT

26.    Amendment of section 1

PART XI-CORRUPT PRACTICES AND OTHER RELATED OFFENCES ACT

27.    Amendment of section 22

PART XII – PUBLIC PROCUREMENT ACT

28.    Amendment of section 16

PART XII – MINISTRY OF FINANCE (INCORPORATED) ACT

29.    Amendment of section 3

30.    Effective date

31.    Citation

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FINANCE ACT, 2023

An Act to amend relevant tax, excises and duty statutes in accordance with the macroeconomic policy reforms of the Federal Government, and make further provisions in specific laws in connection with the public financial management of the Federation; and for related matters.

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[COMMENCEMENT]                              [28th Day of May 2023]

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ENACTED by the National Assembly of the Federal Republic of Nigeria –

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)