New Finance Act:  Finance Minister, Jumia Chairwoman others to discuss impact on local businesses

As the Federal Government of Nigeria sets to commence the implementation of the Finance Act 2019, the Chairwoman of Jumia Nigeria, Mrs Juliet Anammah will be joining the Finance Minister, Hajia Zainab Ahmed and other experts on Tuesday January 28 to lead a panel discussion on the implications of the new Finance Act at the Nigeria Economic Outlook 2020.

The experts are expected to take a holistic view of the provisions of the Act along the lines of its major components while proffering solutions for an effective administration of the policy.

Joining Anammah and the Honourable Minister are Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun; Yomi Olugbenro, Partner and West Africa Tax Leader at Deloitte; Dinesh Rathi, Managing Director/Chief Executive Officer, Lagos Free Trade Zone (Tolaram Group) and Eme Essien Lore, Country Manager, International Finance Corporation. The panelists will deliberate on the policy as Nigerians brace up for its implementation.

The panelists will focus on key aspects of the Finance Act 2019 such as digital economy, global competitiveness and remodeling for full VAT system to grow the Nigerian economy. In addition, they will discuss issues around how the new Act affects the Value Added Tax (VAT), Companies Income Tax Act (CITA), Personal Income Tax Act (PITA), Petroleum Profit Tax Act (PPTA), Capital Gains Tax Act (CGTA), Customs and Excise Management Act (CEMA) and Stamps Duties Act (SDA).

It would be recalled that in 2018, the Nigerian government set in motion an amendment to the existing fiscal policy in the country. A major highlight of the review was the value added tax, which by the 2019 Act has been reviewed upwards to 7.5% from 5%.

Although the enactment of the Act has generated some criticism among Nigerians, the government had maintained that the new Act would serve the country well in terms of its fiscal administration in the long run. The 2019 Financial Act seeks to promote fiscal equity, align domestic laws with global best practices and support Micro, Small and Medium Enterprises (MSMEs). The provisions of the policy will also increase government revenues and stakeholders’ investments in capital and investment market through the introduction of incentives.