THE FINANCE ACT, 2019: A VERITABLE TOOL USED FOR EFFECTIVE AMENDMENT OF EXISTING FISCAL LEGISLATION
INTRODUCTION
The President of the Federal Republic of Nigeria, Muhammadu Buhari (GCFR) signed the Finance Act into law on January 13, 2020 with a view to consolidating the previous achievements of his administration on the ease of doing business and supporting small businesses with promoting fiscal equity, reforming domestic laws to align with global best practices and raising revenues for the Nigerian government to finance the 2020 budget.
The Finance Act is aimed at curing the deficiencies of major primary tax legislations by amending outdated and contentious provisions. This Article provides a summary of the amendments and new provisions made by the Finance Act in existing fiscal legislations.