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ARTICLE · 29 JULY 2022

Matters Arising From Implementation Of Finance Act, 2021

KPMG in Nigeria
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The enactment of Finance Act, 2021 reinforces the Federal Government's commitment to periodic review of the extant tax laws and progressive changes to Nigeria's fiscal frameworks to align them...

NigeriaTax
Wole Obayomi
Wole Obayomi

Introduction

The Federal Inland Revenue Service (FIRS or "the Service") recently issued the following Information Circulars numbered 2022/01 - 14 ("the Circulars"):

  • Clarification on Filing and Payment of Companies Income Tax ("Tax Filing Circular")
  • Sundry provisions of the Finance Act 2020 relating to Companies Income Tax Act (CIT ACT) ("CIT Circular")
  • Clarification on the Exemption of Small Companies from Income Tax ("Small Companies Taxation Circular")
  • Clarifications on the Provisions of Capital Gains Tax (CGT) Act ("CGT Circular")
  • Clarification on the Tax Implications of the Operation of Regulated Securities Lending Transaction ('SEC Lending') In Nigeria ("SEC Circular")

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