The Finance Act 2020 was enacted by the National Assembly of the Federal Republic of Nigeria to amend eight (8) tax legislations viz Companies Income Tax Act, Value Added Tax Act, Customs and Excise Tariff, etc (Consolidated) Act, Personal Income Tac Act, Capital Gains Tax Act, Stamp Duties Act, Petroleum Profit Tax Act and to provide for the review of tax provisions and make them more responsive to tax reform and for related matters. The amendments made by the Finance Act are intended to raise necessary revenue to defray public expenditure, support sustainable increase in public revenue and ensure that tax law provisions are consistent with the national tax policy objectives of the Federal Government of Nigeria. This article intends to consider the implications of the Finance Act on companies involved in the provision of maritime services.
Source: mondaq.com
