OALP Tax Wrap-Up 2022 and 2023 Outlook

In 2022, the Nigeria’s government intensified its drive to boost tax revenue generation. The year witnessed important tax legislations and policies, which increased compliance requirements and strengthened tax administration at the various tiers of government. In turn, the tax administrators toughened their grip. In January 2023, the Federal Inland Revenue Service announced a ground breaking close to the 2022 fiscal year, disclosing that it exceeded its revenue targets. The Courts and Tribunal were not left idle as a flurry of controversies invoked their jurisdiction. As always, the issues revolved around constitution of tax base, the constitutionality of tax powers and the primacy of certain legislation.

Our Outlook examines a myriad of notable developments, from legislative innovations such as the Nigerian Start Up Act, to FIRS Notices, onto the many rulings of the Tax Appeal Tribunal. It concludes with a forecast of 2023, where we discuss the Finance Bill and the Appropriation Act 2022.

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