The Nexus Between the Revised Finance Act 2023 And company Income Tax & Value Added Tax in Nigeria

This study examines the impact of the Revised Finance Act (2023) on corporate tax obligations in Nigeria, with a specific focus on company tax, Value Added Tax (VAT), and education tax. The primary objectives are to assess how the Revised Finance Act influences company tax payable, Value-Added Tax (VAT) payable, and education tax contributions. Using a mixed-method approach, the study collects and analyzes data from various corporate sectors to evaluate the changes in tax liabilities brought about by the new legislation. The findings reveal that the Revised Finance Act (2023) has a significant effect on company tax payable, suggesting a reconfiguration of corporate tax obligations that could influence business financial strategies. Similarly, the Act has a considerable impact on adequate Value Added payable especially in the manufacturing sector, indicating regulatory shifts aimed at enhancing compliance and sectoral contributions. Moreover, the study identifies a positive and significant effect of the Revised Finance Act on the education tax payable, pointing to improved prospects for funding educational initiatives through corporate taxation. The study contributes to the existing body of knowledge by offering empirical evidence on the effects of tax reforms in Nigeria. It provides valuable insights for policymakers, corporate executives, and academics, advocating for continuous evaluation of tax laws to align them with economic growth objectives and social equity. Suggestions for further studies include exploring the long-term impact of the Finance Act on corporate innovation, the political dynamics of tax reform, and its socioeconomic consequences.