The Finance Act 2022 was granted Presidential assent on 11th January 2022. The objective of the 2022 Finance Act is to support and strengthen the efficiency of public finance. The Act contains tax and policy measures on reforms that will aid in boosting government revenue, expanding the tax base, improve efficiency in revenue collection, reduce tax evasion and tax avoidance and help to enhance compliance for developing and creating transparency and accountability in economic management.
KEY HIGHLIGHTS IN THE NEW FINANCE ACT 2022
This PKF tax alert outlines the key provisions that will take effect and shall become applicable to all taxpayers from January 1, 2022 or such other date that may be so specified by the Act.
*Note: this is not a comprehensive guide to the 2022 Finance Act*