Finance Act 2023: Increased taxes and import levy aim to boost revenue (nairametrics.com)

The Act seeks to provide support for the fundingof the 2023 budget through an improvement in the tax administration.

The countrys fiscal position remains constrained due to poor revenue generation capacity, especially oil revenue.

The aim of the bill is to support the funding of the 2023 budget through improved tax administration and increased revenue generation.

While efforts are being made to stop theft, we still believe oil production will most likely remain at suboptimal levels for the rest of the year.

Despite the growing concerns about the multiplicity of taxes, the new Finance Act 2023 introduces new taxes while increasing some of the existing tax rates.