The annual enactment of the Finance Acts clearly shows the Federal Government’s commitment to review the extant tax laws and make progressive changes to Nigeria’s fiscal frameworks to align them with economic realities and global best practices, and facilitate economic growth and development.
We have reviewed the vast changes to the extant laws by the Act and provided a comprehensive analysis of the impact on taxpayers in various sectors of the Nigerian economy in our e-book titled Finance Act, 2020: Impact Analysis, published in February 2021.
In June 2021, the Federal Inland Revenue Service (FIRS), commendably updated its earlier Information Circulars of April 2020 on Finance Act, 2019 with changes made by Finance Act, 2020 and issued new Circulars to provide guidelines on new amendments introduced by Finance Act, 2020.
The Information Circulars provide guidance on the implementation of the Finance Acts and we have dedicated a chapter each in this publication to commentaries on each Circular. This publication should however be read in conjunction with our e-book: Matters Arising from Implementation of Finance Act, 2019. For quick reference, we have provided the weblink to each Information Circular at the end of each Chapter of the publication and in the Appendix thereto.
We hope that the FIRS will consider the commentaries in this publication and revise the conflicting provisions of some of the Circulars to align them with the provisions of the Act.
As usual, we welcome feedback from our readers, please reach us by email on email@example.com.
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KPMG NG | August 2021
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