The Finance Act, 2018 was assented to by the President on 21st September, 2018. The Act introduces various taxation measures in support of the Big Four Agenda which is government’s main focus for the fiscal year 2018/2019. Through the Big Four Agenda, the Government targets to boost manufacturing activities, enhance food and nutrition security, achieve universal health coverage and support the construction of at least 500,000 affordable houses by 2022.
Following the mandatory public participation and after deliberation of the Finance Bill 2018 (the “Bill”) in Parliament, the Bill was sent to the President for assent. The President sent back the Bill to Parliament with a memorandum proposing certain changes, all of which were contentiously adopted by the National Assembly on 20th September, 2018 and the Finance Act was passed into law on 21st September 2018.
Click here to access our alert highlighting the key tax amendments introduced by the Finance Act, 2018: