On 13 January 2020, President Muhammadu Buhari signed the Finance Bill, 2019 (now Finance Act, 2019) into law. The Act made significant changes to legislation such as the Companies Income Tax Act, Value Added Tax Act, Petroleum Profits Tax Act, Personal Income Tax Act and Capital Gains Tax Act, amongst others.
These reforms should be of interest to private equity (“PE”) and venture capital investors and fund managers interested in Nigeria. This is because the changes will have an impact on matters such as investment strategies, tax planning and revenue forecasts.
In this article, we highlight the relevant changes and potential implications for the PE industry.