Overview

The Finance Act, 2019, is a Nigerian law enacted on 13th January 2020 and published in the Federal Republic of Nigeria Official Gazette Vol. 107, No. 6, on 14th January 2020. The Act amends multiple tax legislations including the 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 amendments aim to review tax provisions, make them more responsive to tax reform, and address related matters. Key changes include amendments to sections of CITA such as section 9 (deleting and inserting words regarding taxation of income), substitution of section 10, amendments to sections 13, 16, 19, 20, 23, 24, 27, 29, 31, 33, 39, substitution of section 40, deletion of sections 41 and 43, and amendments to sections 77, 78, 80, 81, 105, and the Schedules. Part II deletes section 60 of PPTA. Part III amends sections 2, 49, 86, 102, 108, 20, 33, 49, 58, 74, the Third Schedule, and section 108 of PITA. Part IV introduces substitutions for sections 2, 8, 10, 15, 19, 28, 35, 42 of VAT Act, amendments to sections 4, 14, 16, 46, and deletion of sections 21-24 and 32. Part V amends CET. Part VI substitutes section 32 and amends sections 36 and 46 of Capital Gains Tax Act. Part VII amends sections 2 and 4, substitutes section 89, deletes section 90, and amends the Schedule of Stamp Duties Act. The Act is cited as the Finance Act, 2019.

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