The key provisions of this act includes:-

1. Tax registration and deregistration
2. Tax representatives
3. Lifting the veil of incorporation
4. Tax agents
5. Priority of tax in liquidations and bankruptcy
6. Collection & recovery of tax (s32)
7. Priority of tax to other debts
8. Security for unpaid tax
9. Sale by distress
10. Deductions by employers
11. Freezing of funds
12. Refund of tax
13. Reduction of interest rates
14. Extension of time to pay taxes and file returns
15. Statute of limitations
16. Introduction of public and private rulings- Income Tax Act
17. Use of IT
18. Higher penalties for offenses committed