The Finance Act, 2023 was assented to by the President on 26th June 2023. It has introduced a raft of tax measures, amendments and repeal of other provisions to the Income Tax Act, Value Added Tax Act, Excise Duty Act, Tax Procedures Act, Tax Appeal Tribunal Act and other miscellaneous changes.
Through this Act, the government has demonstrated its reliance on technology through the various tax systems in collection and administration of taxes. Furthermore, the Finance Act 2023 has made several amendments in an effort to seal loopholes available in the taxation structure while widening the tax base for both individuals and entities.
The government has expressed its intentions to collaborate with other jurisdictions in administration and collection of taxes. The Finance Act has capped the tax incentives currently available to taxpayers while on the other hand extending a tax amnesty program to enable taxpayers to be compliant and have a clean bill of tax ledger. Additionally, the Finance Act has introduced key miscellaneous amendments, with a notable provision being the introduction of affordable housing levy under the Employment Act.
Below is our analysis of these key legislative highlights brought by the Finance Act, 2023, otherwise being referred to as the ‘Act’.
