So the Finance Bill is out and I heard some people ask how it affects price of rice 😂. Lemme try and explain Sha
So first things first, what's the Finance Bill about?
The Finance bill is a legislation aimed at curing the deficiencies of the current tax system. The idea is to promote fiscal equity & improve tax reforms, increase government revenue and bring more people into the tax net. This should improve the ease of doing business in Nigeria.
Also, another major objective of the bill is to make life easy for MSMEs (ease of doing business).
So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following: