Nigeria: FIRS Initiates Implementation of Revised Finance Act, 2023

On Tuesday, the Federal Inland Revenue Service (FIRS) officially launched the implementation of the revised Finance Act, 2023. This announcement was conveyed through a public notice signed by Muhammad Nami, the Executive Chairman of the Service.

The FIRS encouraged tax professionals and the wider public to pay attention to the amendments, particularly those related to the Value Added Tax (VAT). The Finance Act 2023, which was ratified on May 28, 2023, encompasses modifications to various sections of the tax laws.