Nigeria Budget Office Posts 2023 Finance Act

The Nigerian Budget Office June 7 posted online the 2023 Finance Act. The law includes measures: 1) amending the chargeable assets definition and exclusion of losses provision to allow the deduction of capital losses against the similar type of assets and carry forward of losses; 2) establishing a class of stocks and shares for the rollover relief under the Capital Gains Act; 3) requiring shipping and air transport companies to submit income tax filing evidence, tax clearance certificates, and gross revenue statements instead of financial statements; 4) revoking the reconstruction and rural investment allowances, including exemption of convertible currency income; ...