The 2021 Finance Bill

Sequel to the enactment of the Finance Act 2020 which introduced sweeping reforms and development in the Nigerian tax regime, the Minister of Finance on 13th November 2020 issued the Proposed Finance Bill 2021 (“Bill”) with incremental changes to the Capital Gains Tax Act Cap C1 Laws of the Federation of Nigeria 2004 (“CGTA”), the Companies Income Tax Act Cap C21 Laws of the Federation of Nigeria 2004 (“CITA”), the Industrial Development (Income Tax Relief) Act Cap I Laws of the Federation of Nigeria, Personal Income Tax Act Cap P Laws of the Federation of Nigeria (as amended) (“PITA”), the Tertiary Education Trust Fund Act 2011 (“TET Act”), the Custom & Excise Tariff etc (Consolidation) Act Cap C Laws of Federation of Nigeria, Value Added Tax Act Cap V1 Laws of the Federation of Nigeria 2004 (“VATA”).

We set out in this Newsletter some highlight of the Bill and the proposed changed with emphasis on the CGTA, CITA, TET Act, VATA and the PITA.

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