Finance Act 2021 Series 15: Laws pertaining to Insurance companies now simplified and redefined
Prior the Finance Act 2021, stakeholders had clamoured for the simplification and rewording of the i...
Finance Act 2021 Series 14: Gas utilisation businesses to claim tax free period only once in a lifetime
A company engaged in a trade or business of gas utilisation in downstream operations in Nigeria is e...
Finance Act 2021 Series 13: Capital allowance claim for companies’ income tax offset now restricted
Where a company has both taxable and non-taxable (tax-exempt) income streams, capital allowance comp...
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...