The 2021 finance law has been enacted to stimulate inclusive, diversified and sustainable economic growth

Saturday 05 February 2022 07:14 / by Wole Obayomi/ Header image credit: KPMG

On December 31, 2021, His Excellency, President Muhammadu Buhari, GCFR, promulgated the Finance Bill 2021 as the Finance Act 2021 (“the Act”).

The Act introduces amendments to the Capital Gains Tax Act (CGTA), Corporation Income Tax Act (CITA), Personal Income Tax Act (PITA) , the Trust Fund for Higher Education (Institution, 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) ( NPTFA), National Agency for Scientific and Technical Infrastructure Act (NASENIA), Finance (Control and Management) Act (FCMA) and Fiscal Responsibility Act (FRA).

The changes made by the law are intended to signal the continued expansion of the fiscal net and harmonization with international best practices for the taxation of new areas of the modern global economy, in particular global digital commerce, to improve administration and to mobilize revenue for the government.

This publication contains the impact analysis of the main amendments to existing laws introduced by the Law on Tax Administration, Revenue Generation and Collection and Businesses Operating in Various Sectors of the Economy.

Download here – 2021 Finance Law – Impact analysis

Credits

* This statement was first published in KPMG’s Issue 2.4/February 2022 Newsletter of Friday, February 04, 2022. For more information, please contact the author, Wole Obayomi via [email protected]

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Proshare Nigeria Pvt.  ltd.

Proshare Nigeria Pvt.  ltd.

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