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ARTICLE · 23 FEBRUARY 2021

Finance Act, 2020

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The Finance Bill, 2020 which was an Executive Bill prepared by the Honourable Minister for Finance, Budget and National Planning, was approved by His Excellency, President Muhammadu Buhari and presented together ...

NigeriaFinance and Banking
Wole Obayomi
Wole Obayomi
Ajibola Olomola
Ajibola Olomola
Ayo Salami
Ayo Salami
Adewale Ajayi
Adewale Ajayi

The Finance Bill, 2020 which was an Executive Bill prepared by the Honourable Minister for Finance, Budget and National Planning, was approved by His Excellency, President Muhammadu Buhari and presented together with the 2021 Budget proposals to the National Assembly of Nigeria. The Bill was subsequently reviewed and passed by the Senate on Tuesday, 15 December 2020 and the House of Representatives on Thursday 17 December 2020, respectively, prior to assent by the President to culminate into Finance Act, 2020 (hereinafter referred to as "Finance Act", "FA 2020" or "the Act").

Finance Act, 2020 introduces changes to the Capital Gains Tax Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment, etc.) Act, Customs, Excise Tariff, etc.

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