Nigeria: Review of macroeconomic performance, including discussion of tax measures in Finance Act, 2021

Recent macroeconomic performance, which includes a discussion of tax measures

Recent macroeconomic performance, which includes a discussion of tax measures

The KPMG member firm in Nigeria prepared a report reviewing the recent macroeconomic performance of Nigeria, which includes a discussion of tax measures in the Finance Act, 2021.

The president of Nigeria on 31 December 2021 signed into law the Finance Act, 2021. Read TaxNewsFlash

Tax measures in the Finance Act, 2021 include the following:

  • Capital gains tax
    • Imposition of capital gains tax on share disposals
  • Companies income tax
    • Introduction of provision to restrict capital allowances
    • Clarification on the claim of reduced minimum tax rate
    • Penalty for failure to file companies income tax returns
  • Tertiary education tax
    • Increase in tertiary education tax rate
    • Timeline for payment of tertiary education tax
  • Nigeria police trust fund levy
    • Administration of the Nigeria police trust fund levy

Read a June 2022 report [PDF 15 MB] prepared by the KPMG member firm in Nigeria

 

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