For many reasons, the Finance Act, 2019 will remain a watershed in Nigeria’s fiscal history for a long time to come. It is the first attempt at comprehensive review of Nigeria’s tax laws, which have been long overdue for reform, and the first Finance Act to be enacted by the National Assembly since return to democracy in 1999.
We have comprehensively reviewed the vast changes to the extant tax laws by the Act and analyzed its impact on taxpayers in various sectors of the Nigerian economy in our book, Finance Act, 2019: Impact Analysis, published in February 2020.
In April 2020, the Federal Inland Revenue Service (FIRS), commendably, issued various Information Circulars to provide clarifications to taxpayers on the provisions of the Act amending the extant tax laws.
Whilst timely and welcome, the Information Circulars raise such fundamental issues on the implementation of the Act that we have considered it necessary to dedicate a chapter each in this publication to commentaries on each Circular. For quick reference by readers, we have provided the weblink to each Information Circular at the end of each Chapter of the publication and in the Appendix thereto.
We sincerely hope that the FIRS will consider the commentaries in this publication and revise the incongruous provisions of some of the Circulars to bring them into conformity with the provisions of the Act.
As usual, we welcome feedback from our readers who can reach us by email to firstname.lastname@example.org.
Click to download and read more of this article.
© 2020 KPMG Professional Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.