Taxes & Tariffs | |
Taxes & Tariffs | |
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Tuesday, January 12, 2021 / 07:00 AM / By
Deloitte / Header Image Credit: PwC Nigeria
President Muhammed Buhari, on 31 December 2020, signed the Finance Act
2020 ("the Act") alongside the 2021 Appropriation Act into law. This reaffirms
the Federal Government of Nigeria's commitment to enact fiscal policy annually,
alongside the passage of the annual budget into law (i.e. enactment of
Appropriation Act) and aligns with global best practice.
The Act, which took effect on 1 January 2021, amended the provisions of 14 tax and fiscal related legislation, namely:
In addition to the above, the Finance Act 2020 created a Crisis
Intervention Fund (CIF) and its sub-fund, Unclaimed Funds Trust Fund (UFTF).
This
newsletter gives an overview of the Act, analyses the key provisions vis-a-vis
the changes to the primary legislation and highlights the potential tax
implications for stakeholders. Please click here to
explore the detailed newsletter.
Download Here - Finance Act 2020
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