OALP Tax Wrap-up 2023 and 2024 Outlook

As 2023 drew to a close, the Nigerian tax landscape remained a vibrant arena of activity and evolution. The past year saw the Nigerian government’s efforts to bolster tax revenue generation and reach new heights. This was marked by significant legislative and judicial developments, and policy initiatives by the government. These advancements often led to heightened compliance expectations, and a more robust tax administration framework across all levels of government.

As we embark into the 2024 fiscal year, our annual Outlook casts a keen eye on the pivotal developments that shaped the Nigerian tax landscape in 2023. Our analysis delves into a rich kaleidoscope of events, encompassing transformative legislative milestones like the Business Facilitation Act and the Finance Act 2023, significant pronouncements from the FIRS through its Notices, and multitudes of impactful rulings delivered by the Tax Appeal Tribunal.

However, our gaze does not solely dwell on the past. We also peer into the future, dissecting the implications of the Appropriation Act 2024, and providing insightful forecasts for what lies ahead in the dynamic realm of Nigerian taxation.

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