Nigeria: Guidance implementing tax measures in Finance Act, 2019
Nigeria: Guidance implementing tax measures
The Federal Inland Revenue Service issued guidance for implementing provisions of Finance Act, 2019.
For instance, the guidance (Information Circulars nos. 2020/02 – 2020/08) implements provisions concerning value added tax (VAT), regulated securities lending transactions, companies income tax, stamp duty, business reorganisations, real estate investment companies, and insurance company taxation, among others.
The circulars are intended to provide guidance regarding application and interpretation of the tax law amendments and examine certain practical issues associated with implementation of the changes. In general, the guidance clarifies the tax administration’s position regarding certain contentious provisions introduced by the Finance Act; however, some items may still require additional clarification—in particular given that the guidance provided in the circulars that may have unintended consequences.
Read a June 2020 report [PDF 3.04 MB] prepared by the KPMG member firm in Nigeria
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