Finance Act 2021 Series 12: Reduction in rate of Minimum Tax (by 0.25%) restricted to only two accounting years
Prior the Finance Act 2021, there was a waiver/ reduction in rate of minimum tax (from 0.5% to 0.25%...
Finance Act 2021 Series 11: WHT deducted from Interest Payments to Unit Trusts, to become the final tax on such Interest.
Under the Finance Act 2021, the withholding tax deducted from any interest payment to Unit Trusts an...
Finance Act 2021 Series 10: No turnover threshold for VAT compliance, for companies in Upstream Petroleum Operations
The Finance Act 2021, has clarified that the exemption from VAT compliance obligations granted by th...
Finance Act 2021 Series 9: Amendment now made to ‘deductible Insurance Premium’
Under the Personal Income Tax Act (PITA), part of the Personal Reliefs prior the Finance Act 2021, w...
Finance Act 2021 Series 8: National Agency for Science and Engineering Infrastructure (NASENI) Levy now introduced
Under the Finance Act 2021, a new Levy – NASENI levy, has also been introduced. This Lev...
Finance Act 2021 Series 7: Rate of Tax for Tertiary Education Trust Fund has now increased from 2% to 2.5%.
Under the Finance Act 2021, the rate of tax for tertiary education trust fund (or tertiary education...
Finance Act 2021 Series 6: Capital allowance claims now formally restricted for small and medium companies.
The Finance Act 2021 clarifies that small companies (making N25 million or less annual turnover) and...
Finance Act 2021 Series 5: CGT at 10% to apply on gains from disposal of Nigerian company shares.
Gains from disposal of shares of a Nigerian company which was previously exempt from Capital Gains T...
Finance Act 2021 Series 4: New Excise Duty on non-alcoholic, carbonated and sweetened beverages
A new Excise Duty has now been introduced in the Customs, Excise Tariffs, Etc. (Consolidation) Act o...
Finance Act 2021 Series 3: There are new rules and new powers for tax administration by the FIRS
Under the Finance Act 2021, the Federal Inland Revenue Service (FIRS) can now deploy their proprieta...