Nigeria: 2021 budget and tax measures

A report that provides an analysis of the provisions in the 2021 budget

A report that provides an analysis of the provisions in the 2021 budget

The KPMG member firm in Nigeria has prepared a report that provides an analysis of the provisions in the 2021 budget.

Among the tax measures in the 2021 budget are provisions relating to:

  • Value added tax (VAT) and the expanded rules for “place of supply” and the VAT registration requirements for non-resident vendors
  • Companies income tax and the rules for taxation of incidental income earned by international shipping and airline companies (that are governed by a distinct framework and subject to a minimum tax imposed on profits derived from the transportation of passengers, mail, livestock or goods shipped or loaded into an aircraft in Nigeria)
  • A penalty regime for the deliberate filing of incorrect companies income tax returns
  • Individual (personal) income tax treatment of non-resident individuals (similar to the introduction of the significant economic presence rules that apply to non-resident companies in Nigeria)

Read an April 2021 report [PDF 10 MB] prepared by the KPMG member firm in Nigeria

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