June 7, 2023 9:15 AMhe federal government has introduced some changes in taxes and excise duties following the amendment of the new 2023 finance act.into law on May 28, 2023 — a day before he handed over power to the new administration.
The new FPMs, which consist of supplementary protection measures , revised excise duty rates, and green taxes; were approved by Buhari.In this piece, TheCable highlights some of the top amendments in the 2023 finance act.
“…provided that such losses shall only be carried forward for a maximum of five years immediately succeeding the year in which the loss was incurred,” it added.Amendments under the petroleum profit tax act, mandate “In the case of any other company, provided that where there is an interval between 31st December of the preceding year and the date on which the company commences the bulk sale or disposal of chargeable oil or condensate, the interval shall be deemed to form part of the preceding period,” the act reads.
Recently, Isa Pantanmi, former minister of communications and the digital economy insisted that telcos werePantanmi said the former president approved the exemption, adding that Buhari’s “TAX DEDUCTIONS ON LIFE INSURANCE PAYMENTS“…there shall be allowed a deduction of the annual amount of any premium paid by the individual during the year preceding the year of assessment to an insurance company in respect of insurance on his life or the life of his spouse; or contract for a deferred annuity on...