Nigeria: 2023 budget, tax measures in Finance Act, 2022
A report discussing the 2023 federal budget
A report discussing the 2023 federal budget
The KPMG member firm in Nigeria prepared a report discussing the 2023 federal budget that described that the Finance Act, 2022—which has been passed by the National Assembly, but is undergoing some reviews before being assented to by the President—includes the following tax measures:
- Phase out of tax incentives for mature industries
- Taxation of gains from the disposal of digital assets such as cryptocurrencies
- Alignment of petroleum taxation with the Petroleum Industry Act, 2021
- Increase of the tertiary education tax rate from the current 2.5% rate to 3%
Read a 2023 report [PDF 306 KB] prepared by the KPMG member firm in Nigeria
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