The 2022 Finance Act which became effective January 2023 contains a lot of new taxes The Finance bill became law when President
Muhammadu Buhari assented to it, making it lawful for Nigerians.Act The Act provides a slew of taxes which seek to bring in more revenue to the cash-strapped Nigerian government seeking to increase revenue to service more debts. The Nigerian government has been harping on the need to raise revenue to match its bloated expenditure and service external debts. The list of new taxes: Digital Assets Tax: The Act says that profits on digital assets, including cryptocurrency, are taxable at the rate of 10 per cent. It also proposes that income from betting and lottery business be taxable under the Companies Income Tax Act. Others are Capital Gains Tax Companies Income Tax Custom, Excise Tariff Personal Income Tax Petroleum Profits Tax Stamp Duty Value Added Tax The 2022 Finance Bill is currently undergoing legislative consideration. The Bill seeks to amend the following laws: According to reports, companies engaged in winning, capturing, production and utilisation of gas will be entitled to a single 50 per cent investment tax credit on its qualifying expenditure. The Act which has since gone into operation received a mixed reaction, especially with the increase in taxes payable by soft drinks and beverage manufacturers in Nigeria. Finance Act, the federal government introduced an excise duty called Sugar Tax. Minister of Finance, Budget and National Planning, Zainab Ahmed explained that the tax on soft drinks would discourage excessive sugar consumption which contributes to diabetes, obesity and other sugar-related ailments. Per the Daily Trust report, the sectoral arm of the Manufacturers Association of Nigeria (MAN) raised the alarm the new tax burden of an additional 20 per cent tax will compound the woes of manufacturers. According to the manufacturers, the N10 per litre tax is also destroying their businesses and rejecting the proposed new tax.

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