President Buhari Transmits The Finance Bill, 2021 To The National Assembly – Tax – Nigeria – Mondaq News Alerts

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President Muhammadu Buhari recently transmitted the Finance Bill, 2021 (“the Bill”) to the National Assembly for passage into law.  The Finance Bill, 2021, which is intended to support the implementation of the 2022 Federal Government Budget, seeks to introduce significant changes to a number of tax and regulatory laws in Nigeria in response to the continuing negative impact of the COVID-19 pandemic on the economy and the current recession.
The request by the President seeking the passage of the Bill into law was contained in a letter titled “Transmission of the Finance Bill 2021 to the National Assembly for Consideration and Passage into Law in Support of the 2022 Budget” sent and addressed separately to the Senate and the House of Representatives.
The Bill seeks to amend some key provisions of certain laws such as: the Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue Service (Establishment) Act, Personal Income Tax Act, Stamp Duties Act, Tertiary Education Trust Fund (Establishment) Act, Value Added Tax Act, Nigerian Police Trust Fund (Establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance Control and Management Act, and Fiscal Responsibility Act.
Some of the key amendments introduced by the Bill include the following:
In line with the practice since 2019, we believe that the Bill will receive expedited attention and passed into law by the National Assembly alongside the 2022 Appropriation Bill or soon after the Appropriation Bill is passed into law. Given the proposed amendments in the Bill, individuals and corporate entities should begin to analyse the provisions of the Bill and its possible impact on their businesses, incomes and tax obligations going forward.
It is important to note that, like every new law, the Finance Bill, 2021 is likely to come with its challenges and opportunities for businesses and individuals. Therefore, taxpayers are advised to seek professional guidance in order to understand how the Finance Bill will impact their business operations going forward and any new compliance obligations to be discharged or benefits to be enjoyed. Andersen is at the front of the discourse regarding the Finance Bill and we will provide a more detailed analysis of the Bill and implications prior to and after its passage into law.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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