Introduction to the New Nigerian Tax Laws (Finance Act 2023/2024)

INTRODUCTION TO THE NEW NIGERIAN TAX LAWS (FINANCE ACT 2023/2024)

RATIONALE

The Nigerian fiscal landscape is in a state of rapid evolution. With the enactment of the recent Finance Act implementation guidelines and ongoing reforms by the Presidential Fiscal Policy and Tax Reforms Committee, the rules of engagement for businesses have fundamentally changed. Ignorance of these changes is no longer just a compliance risk—it is a direct threat to profitability.

Many organizations are operating with outdated tax knowledge, exposing them to avoidable penalties, back-duty audits, and missed opportunities for statutory incentives. The shift towards technology-driven tax administration by the FIRS means that non-compliance is easier to detect than ever before.

This training programme is a critical update for every finance professional and business leader in Nigeria. It demystifies the complex legal jargon of the new Finance Act and translates it into actionable business intelligence. It is designed to help your organization pivot from reactive defense to proactive strategic planning.

OVERALL OBJECTIVES By the end of the programme, participants will be able to:

• Interpret the key provisions of the new Finance Act implementation and its amendments.

• Assess the impact of new tax laws on Companies Income Tax (CIT) and VAT.

• Identify new incentives and exemptions available to their specific industry.

• Navigate changes in tax administration, dispute resolution, and penalty structures.

• Adjust payroll and withholding tax processes to align with new Personal Income Tax amendments.

• Develop a transition strategy to ensure full organizational compliance.

COURSE CONTENT

Day One: Overview of the Fiscal Landscape

• The objectives and philosophy behind the new Finance Act

• Key changes in tax administration and powers of the FIRS

• The shift from direct to indirect taxation strategies

• Understanding the interplay between the Finance Act and the Petroleum Industry Act (PIA)

• Preparing for technology-driven tax compliance (TaxPro Max updates)

Day Two: Changes to Companies Income Tax (CIT)

• Revised rates and basis of assessment for different sectors

• New rules on deductibility of expenses and capital allowances

• Amendments to Tertiary Education Tax (TET) and Police Trust Fund levy

• Impact on foreign companies and digital presence (Significant Economic Presence)

• Handling loss relief and capital gains under the new regime

Day Three: VAT and Indirect Taxes

• Expansion of the VAT base and new definitions of goods/services

• Changes to the exemption list and zero-rated items

• Finance Act implementation regarding Excise Duties on non-alcoholic beverages and telecommunications

• The new VAT collection and remittance timelines

• Managing input tax recovery under stricter guidelines

Day Four: Personal Income Tax and Withholding Tax

• Amendments to Personal Income Tax Act (PITA) affecting payroll

• Revised definitions of Gross Income and Reliefs

• Changes to Withholding Tax (WHT) rates and remittance procedures

• Taxation of remote workers and expatriates

• Implications for pension and insurance contributions

Day Five: Compliance, Penalties, and Strategy

• The new penalty regime for non-compliance and late filing

• Strategies for managing tax audits under the new laws

• Dispute resolution mechanisms: The Tax Appeal Tribunal

• Tax planning opportunities arising from the reforms

• Group workshop: Conducting a tax health check for your organization

METHODOLOGY The training will be delivered using interactive and practice-oriented learning approaches, including:

• Expert-led presentations on Finance Act implementation

• Comparative analysis of old vs. new laws

• Case studies of sector-specific impacts

• Q&A sessions with tax practitioners

• Strategy workshops

TARGET AUDIENCE This programme is suitable for:

• Finance Directors and CFOs

• Tax Consultants and Practitioners

• Legal Advisors and Corporate Lawyers

• Payroll Managers and HR Professionals

• Business Owners and Entrepreneurs

MODE OF ASSESSMENT Participants will be assessed through:

• Quiz on key Finance Act provisions

• Case study on tax liability computation

• Group discussion on compliance strategy

• Certificates of participation will be issued upon successful completion.

FEES Training fees are charged per participant and are inclusive of:

• Training materials

• Resource documentation

• Certificate of participation

• Refreshments (where applicable)

• Detailed fee structure available upon request.

VENUE The programme can be delivered at:

• AYU GLOBAL–approved training centres

• Client-designated venues

• Virtual or hybrid platforms, where applicable

DATE To be scheduled in consultation with participating organizations.

DURATION Five (5) Days

CAPABILITY STATEMENT AYU GLOBAL INTERNATIONAL is a leading management and capacity development consulting firm with expertise in:

• Fiscal policy analysis and tax advisory

• Finance Act implementation and compliance

• Regulatory impact assessment

• Institutional capacity building

• Strategic leadership and project management

The firm has successfully delivered training and advisory services to government institutions, regulatory agencies, private sector organizations, and development partners.

FACULTY / RESOURCE PERSONS The programme will be facilitated by seasoned professionals with expertise in:

• Nigerian Tax Law and Practice (FCTI)

• Fiscal Policy Formulation

• Corporate Law

• Audit and Assurance

• Economic Planning

CONCLUSION Staying ahead of the regulatory curve is the hallmark of a resilient business. This programme ensures that you are not just aware of the new Finance Act implementation requirements but are fully equipped to leverage them for business stability and growth. AYU GLOBAL INTERNATIONAL is your partner in navigating the complexities of the Nigerian tax environment.