For tax operators within the country and even taxpayers, a rallying point of discussion in recent times has been centered on the Finance Act 2020. Not so for reports by the news media or buzz created around it by the government but for the changes it seeks to implement for the tax regime with the aim of revolutionalizing the sector and shielding taxpayers from the harsh economic situation orchestrated by the Covid-19 pandemic.

The Finance Act 2020 which took effect from January 1st, 2021 introduces over 80 amendments to 14 different laws, raising many tax laws and constitutional questions that require answers. The provisions further raised various issues of legality that needed to be responded to.

The Finance Act by some is suggested to be a shortcut to amending extant tax laws which should ordinarily take more meticulous and painstaking procedure.

The tax provisions in the Finance Act 2020 amends various provisions in the Capital Gains Tax Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff (Consolidation) Act, Value Added Tax Act, Stamp Duties Act and The Federal Inland Revenue Service (Establishment) Act.

More analysis?

Join two tax professionals tomorrow, Wednesday 3rd, March 2021 as they demystify the myth behind the newly implemented regulation, taking very seriously its accompanying implications.

Meet the host?

Olatunji is the founder of Taxmobile.Online and currently a Director, Tax & Regulatory Services at Nolands Nigeria Professional Services. Before this, Olatunji worked as the Senior Manager -Tax, Regulatory & Advisory Services at Saffron Professional Services, Tax and Fiscal Reporting Accountant of Schlumberger Nigeria Limited, and as an Audit Trainee in Ernst & Young. His experience covers the full range of services in internal audit and control, transfer pricing, arbitration, tax advisory and regulatory services, audit support, forensics investigation, and due diligence.

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