Overview

The Finance Act, 2021 is a Nigerian federal legislation that amends various tax, excise, and duty statutes to align with the macroeconomic policy reforms of the Federal Government. The Act modifies several existing laws, 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 sections governing capital gains tax, corporate income tax, personal income tax, value-added tax, stamp duties, and the operations of the Federal Inland Revenue Service. The Act also introduces effective date provisions and citation details. The explanatory memorandum states that the Act aims to implement macroeconomic policy reforms and enhance public financial management.

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