On 13 January 2020, President Muhammadu Buhari signed the Finance Bill, 2019 (now Finance Act) into law.
The Finance Act of 2020 (the Act) reviews and amends several tax legislations. By so doing it consolidates into one statute many tax provisions from different tax statutes. The main thrust of the Act is to increase revenue of the Federal government and to curb avenues by which tax has been evaded and or avoided over the years.
The statutes which the Finance Act tends to amend, repeal or add some provisions are as follows:
- The Companies Income Tax Act
- Value Added Tax Act
- Customs and Excise Tarrifs etc (Consolidation Act)
- Personal Income Tax Act
- Capital Gains Tax Act
- Stamp Duties Act
- Petroleum Income Tax Act
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STARLION LEGAL 