In order to consolidate the macroeconomic effects on the economy and to help reduce budget deficits, President Muhammadu Buhari submitted a Finance Bill to the National Assembly, to amend various tax laws in Nigeria. The Bill has the following strategic objectives:
- Promoting fiscal equity;
- Reforming domestic tax laws to align with global best practices;
- Introducing tax incentives for investments in infrastructure and capital markets;
- Supporting MSMEs; and
- Raising revenues for government.
On Tuesday 26 November 2019, PwC Nigeria hosted over 200 business leaders with the Honourable Minister for Finance, Budget & National Planning in attendance to discuss salient issues contained in the Bill (see copy of presentation below).
In addition, we have analysed the impact and implications in our interactive Insights Series publication below with specific focus on:
- Overview and general implications;
- Implications for the Banking sector and Capital Market;
- Implications for the Insurance Industry;
- Implications for the Energy and Utilities Sector;
- Implications for the Consumer and Industrial Products Industry;
- Implications for Micro, Small and Medium-sized Enterprises;
- Implications for Real Estate Investment Companies; and
- Implications for the Digital Economy.
Also watch Taiwo Oyedele's interview on Channels TV on Wednesday 27 November 2019 to discuss what's in the Bill for everyone.