The Federal Inland Revenue Service issued seven circulars as guidance concerning the tax law amendments made by the Finance Act 2019.
The Finance Act 2019, enacted in January 2020, introduces changes to the companies income tax, value added tax (VAT), petroleum profits tax, individual (personal) income tax, capital gains tax, customs and excise tariff, and stamp tax (duties) laws. These legislative amendments included revenue-raising measures. Read TaxNewsFlash
The guidance issued by the tax authority is contained in Information Circulars no. 2020/02 through no. 2020/08, and generally addresses interpretation and practical implementation of the amendments to tax laws made by the Finance Act 2019.
Read a May 2020 report [PDF 338 KB] prepared by the KPMG member firm in Nigeria
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