Overview

The Finance Act 2020 is a Nigerian federal law amending various tax and fiscal statutes. It is published as a supplement to the Official Gazette No. 4, Vol. 108, dated 4th January 2021. The Act contains 75 sections organized into 15 parts, amending: Capital Gains Tax Act (Part I), Companies Income Tax Act (Part II), Industrial Development (Income Tax Relief) Act (Part III), Personal Income Tax Act (Part IV), Tertiary Education Trust Fund (Establishment, etc.) Act (Part V), Customs and Excise Tariff, etc (Consolidation) Act (Part VI), Value Added Tax Act (Part VII), Stamp Duties Act (Part VIII), Federal Inland Revenue Service (Establishment) Act (Part IX), Nigeria Export Processing Zones Act (Part X), Oil and Gas Export Free Zone Act (Part XI), Companies and Allied Matters Act (Part XII), Fiscal Responsibility Act (Part XIII), Public Procurement Act (Part XIV), and establishes a Crisis Intervention Fund and Unclaimed Funds Trust Fund (Part XV). Key amendments include changes to tax rates, exemptions, definitions, and administrative provisions across these laws. The Act aims to reform Nigeria's fiscal landscape, enhance revenue generation, and support economic recovery post-COVID-19.

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