Overview

The Finance Act 2021 is a Nigerian legislative document that amends various tax, excise, and duty statutes to align with the macroeconomic policy reforms of the Federal Government. The Act modifies specific laws related to public financial management, including the Capital Gains Tax Act, Companies Income Tax Act, Customs, Excise Tariffs, etc. (Consolidation) Act, Federal Inland Revenue Service (Establishment) Act, Personal Income Tax Act, Stamp Duties Act, Tertiary Education Trust Fund (Establishment, Etc.) Act, Value Added Tax Act, Insurance Act, Nigeria Police Trust Fund (Establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance (Control and Management) Act, and the Fiscal Responsibility Act. Key amendments include changes to taxation of companies, individuals, and specific sectors, adjustments to excise duties, revisions to the administration of the Federal Inland Revenue Service, and updates to the Fiscal Responsibility Act. The Act comprises 42 sections divided into 13 parts, each addressing amendments to a specific act. The effective date and citation are provided in sections 41 and 42. The document is an official government legislation aimed at improving tax compliance, broadening the tax base, and enhancing revenue generation for public financial management.

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