Finance Bill 2021 - Proposed changes to Nigeria’s fiscal and regulatory laws has been saved
Finance Bill 2021 - Proposed changes to Nigeria’s fiscal and regulatory laws
President Muhammadu Buhari presented the Finance Bill 2021 (‘FB21’ or ‘the Bill’) to the National Assembly for passage into law on Tuesday, 7 December 2021. The Bill scaled second reading at the Senate on Wednesday, 8 December 2021, and has been referred to the joint committee on Finance, Custom & Excise, and Trade & Investment for further legislative action. When passed into law, this will make it three consecutive years of effecting changes to Nigeria’s taxation and regulatory framework through annual Finance Acts.
FB21 seeks to amend the provisions of twelve (12) laws covering Companies Income Tax Act (CITA), Personal Income Tax Act (PITA), Capital Gains Tax Act (CGTA), Stamp Duties Act (SDA), Tertiary Education Trust Fund [Establishment] Act (TETFA), Value Added Tax Act (VATA), Insurance Act, National Agency for Science and Engineering Infrastructure Act (NASENI Act), Nigeria Police Trust Fund [Establishment] Act (NPTFA), Finance Control and Management Act (FCMA), Federal Inland Revenue Service [Establishment] Act (FIRSEA) and Fiscal Responsibility Act (FRA).