Lawyers' Guide
Laws of the Federation Preview 66 min read

Finance Act, 2021

md

FINANCE ACT, 2021

Explanatory Memorandum: This Act amends relevant tax, excise and duties statutes in accordance with macroeconomics policy reforms of the Federal Government, to amend and make further provisions in specific laws in connection with the public financial management of the Federation.

FINANCE ACT, 2021

Arrangement of Sections

Section:

1. Amendment of Cap. C1, C2, C49, P8, S8, V1, I17, N3, F26, LFN, 2004; Act No. 13, 2007, Act No. 31, 2007, Act No. 16, 2011 and Act, 2019.

PART I - CAPITAL GAINS TAX ACT

2. Amendment of section 30 of the Capital Gains Tax Act.

PART II - COMPANIES INCOME TAX ACT

3. Amendment of section 9 of the Companies Income Tax Act.

4. Amendment of section 13 of the Companies Income Tax Act.

5. Substitution for section 16 of the Companies Income Tax Act.

6. Deletion of section 18 (b) (iii) of the Companies Income Tax Act.

7. Amendment of section 23 of the Companies Income Tax Act.

8. Amendment of section 30 of the Companies Income Tax Act.

9. Amendment of section 31 of the Companies Income Tax Act.

10. Amendment of section 33 of the Companies Income Tax Act.

11. Amendment of section 39 of the Companies Income Tax Act.

12. Amendment of section 55 of the Companies Income Tax Act.

13. Substitution for section 77 of the Companies Income Tax Act.

14. Amendment of section 78 of the Companies Income Tax Act.

15. Substitution for section 81 of the Companies Income Tax Act.

16. Amendment of section 105 of the Companies Income Tax Act.

PART III - CUSTOMS, EXCISE TARIFFS, ETC. (CONSOLIDATION) ACT

17. Amendment of section 21 of the Customs, Excise Tariffs, etc. (Consolidation) Act.

PART IV - FEDERAL INLAND REVENUE SERVICE (ESTABLISHMENT) ACT

18. Amendment of section 25 of the Federal Inland Revenue Service (Establishment) Act.

19. Amendment of section 28 of the Federal Inland Revenue Service (Establishment) Act.

20. Amendment of section 35 of the Federal Inland Revenue Service (Establishment) Act.

21. Amendment of section 50 of the Federal Inland Revenue Service (Establishment) Act.

22. Substitution for section 68 of the Federal Inland Revenue Service (Establishment) Act.

PART V - PERSONAL INCOME TAX ACT

23. Amendment of section 33 of the Personal Income Tax Act.

Continue reading Finance Act, 2021

You have read the opening. Unlock the full library once and it stays unlocked - one payment, no subscription, the same library as the app.

  • All 725 Laws of the Federation, A to Z
  • 916 full judgments and 269 case collections
  • 8,046 legal principles and 124 rules of court
  • 343 drafts, with the Draft Builder
  • The Law Dictionary - 31,442 terms
  • Law School notes and 2,082 MCQs
Unlock the libraryI have an access code

Every Act, case collection and principle beginning with A, B or C is free to read in full, without unlocking - the same boundary as the Android app.