Matters Arising from Implementation of Finance Act 2019

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Sunday, June 21 , 2020 / 09:12 PM / by KPMG Nigeria / Header Image Credit:  KPMG Nigeria

 

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The Federal Inland Revenue Service (FIRS or "the Service") in May 2020 issued the following Information Circulars numbered 2020/02 - 08 ("the Circulars"):

 

  1. Clarification on the Implementation of the Value Added Tax (VAT) Provisions of the Finance Act, 2019 ("VAT Circular");
  2. Circular on Tax Implications of the Operation of Regulated Securities Lending Transaction (SEC Lending) in Nigeria ("SEC Lending Circular");
  3. Clarifications on Sundry provisions of the Finance Act 2019 as it relates to Companies Income Tax Act ("CITA Circular");
  4. Clarifications on the Provisions of the Stamp Duties Act ("Stamp Duties Circular");
  5. Clarification on Commencement and Cessation Rules, and Business Reorganisation: - Sections 29 of CITA, 32 of CGTA and 42 of VATA (as amended by the Finance Act, 2019) ("Business Reorganisation Circular");
  6. Circular on Tax Implications of Operation of Real Estate Investment Companies ("REIC") in Nigeria ("REIC Circular"): and
  7. Clarification on the Amendment to Section 16 of Companies Income Tax Act (CITA) in Relation to Taxation of Insurance Companies ("Insurance Taxation Circular")

 

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The Circulars are aimed at providing guidance to stakeholders on the interpretation of the amendments to extant tax laws by the Finance Act, 2019 ("Finance Act"), and practical issues associated with their implementation. The Circulars supersede any previously issued circular, notice or publication by the FIRS, which is inconsistent with the Circulars to the extent of its inconsistency.

 

We commend the FIRS for the timely issuance of the Circulars to assist taxpayers to understand their obligations under the various tax laws amended by the Finance Act and further improve their compliance with the laws. The Circulars have also clarified the FIRS' views on some contentious provisions introduced by the Finance Act.

 

However, there are matters arising from the clarifications and guidance provided in the Circulars that may have unintended consequences. This publication contains analysis of those issues and highlights key areas requiring further clarifications from the FIRS.

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Download Here Full PDF Report

 

Download Here -  Finance Act 2019 Awaiting Gazette

Download Here -  Finance Act 2019 Gazetted


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