Nigeria Finance Act 2023: Transfer Pricing and VAT Adjustments

The initial success of Nigeria’s Finance Act (FA) in bridging the expectation gaps of various stakeholders, aligning legislation to address contemporary issues, and the need to shore up tax revenue in Nigeria have led to the creation of a fourth series. Nigeria’s FA 2023, which was signed by the former president Mohammad Buhari with the effective date of May 1, 2023, aims at addressing five key areas: tax equity reforms, green growth, economic growth, reforming tax incentives, and revenue generation. FA 2023 also amends the Value Added Tax (VAT) Act. This article discusses some concepts and implications of transfer ...