Welcome to another Tax Thursday.
You would agree with us that 2021 was an interesting year, and indeed a busy one. Just as the country was tackling its battles, the FIRS was also swamped with a few legal battles. Worthy of mention was the bid of some states majorly championed by Rivers State and Lagos State to get control over the collection and appropriation of VAT within their jurisdiction, and we all witnessed how this turned out. Additionally, just before the end of 2021, the FG released the Nigeria Finance Act of 2021, which introduced new taxes, levies, and tariffs.
We, at Taxaide, made sure to bring all these developments to your doorstep through our weekly blog post, as it is our mandate to always keep you informed. 2022 is here and we are not about to renege on our promise to you. In this light, today we would be sharing with you key highlights on Nigeria’s Finance Act 2021.
The Finance Act 2021 (the “Act”) was recently signed into law by the President of the Federal Republic of Nigeria on 31 December 2021. The Act introduces various changes to 12 different laws in Nigeria. We have highlighted below, some of the key changes introduced by the Act. Read more HERE