Kamar Salami
Tax Partner
Finance Act, 2020 (the ‘Act’) signed into law on 31 December 2020, which took effect from 1st January 2021 or as specified in the Act, is in furtherance of government’s objective of amending existing laws to drive the fiscal policies contained in the annual budget. The Act introduced amendments to the following extant Acts:
- Capital Gains Tax Act
- Companies Income Tax Act
- Personal Income Tax Act
- Customs & Excise Tariff etc (Consolidated) Act
- Value Added Tax Act
- Nigeria Export Processing Zone Act
- Oil and Gas Export Free Zone Act
- Nigeria Export Processing Zone Act
- Oil and Gas Export Free Zone Act
- Industrial Development (Income Tax Relief) Act
- Stamp Duties Act
- Tertiary Education Trust Fund (Establishment) Act
- Federal Inland Revenue Service (Establishment) Act
- Fiscal Responsibilities Act
- Public Procurement Act
- Companies and Allied Matters Act
For a full summary and highlights, please download the publication from the link hereunder: