We are pleased to announce the publication of our Finance Act, 2021: Impact Analysis e-book.
On 31 December 2021, His Excellency, President Muhammadu Buhari, GCFR, signed the Finance Bill, 2021 into law as Finance Act, 2021 ("the Act").
The Act introduces changes to the Capital Gains Tax Act (CGTA), Companies Income Tax Act (CITA), Personal Income Tax Act (PITA), Tertiary Education Trust Fund (Establishment, etc.) Act (TETA), Customs and Excise Tariff Etc. (Consolidation) Act (CETA), Value Added Tax Act (VATA), Stamp Duties Act (SDA), Federal Inland Revenue Service (Establishment) Act (FIRSEA), The Insurance Act (IA), Nigeria Police Trust Fund (Establishment) Act (NPTFA), National Agency for Science and Engineering Infrastructure Act (NASENIA), Finance (Control and Management) Act (FCMA) and the Fiscal Responsibility Act (FRA).
The amendments made by the Act are intended to signal continuing expansion of the fiscal net and harmonisation with international best practice for the taxation of new areas of the modern global economy, particularly global digital trade, improve administration and mobilise revenue for the government.
This publication contains the impact analysis of the key amendments to the extant laws introduced by the Act on tax administration, revenue generation and collection, and businesses operating in various sectors of the economy.
Please click the links below to read and download the:
The opinion expressed in this article is solely personal and does not represent the views of any organization or association to which the authors belong.