Overview

The document is the Official Gazette of the Federal Republic of Nigeria, publishing the Finance Act, 2019 (Act No. 1) which was enacted on 13th January 2020. The Act amends several major tax laws in Nigeria to implement tax reforms. The affected laws include: Companies Income Tax Act (CITA), Value Added Tax Act (VAT), Customs and Excise Tariff etc. (Consolidation) Act, Personal Income Tax Act (PITA), Capital Gains Tax Act, Stamp Duties Act, and Petroleum Profit Tax Act (PPTA). The Act contains 56 sections organized into parts corresponding to each amended law. Key amendments under CITA (Part I) include changes to definitions, tax bases, deductions, and rates; for instance, new provisions for taxation of small companies, digital services, and interest deduction limitations. Under VAT (Part IV), the definition of goods and services is expanded, the VAT rate is increased from 5% to 7.5%, the threshold for registration is reduced, and certain exemptions are introduced or removed. The Petroleum Profit Tax Act (Part II) deletes section 60, which relates to the deduction of donations. The Act also includes amendments to the Personal Income Tax Act, Customs and Excise Tariff, Capital Gains Tax, and Stamp Duties Act, with citation as the Finance Act, 2019. The Gazette details the printing, subscription, and official publication information.

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