Categories: Blog

Major Highlights of the Finance Act, 2021

On 31 December, 2021, President Muhammadu Buhari signed the Finance Bill, 2021 (now the Finance Act, 2021) into law. The principal aim of the Finance Act, 2021 (“the FA”) is to support the implementation of the 2022 Federal Government Budget in view of the continuing negative impact of the COVID-19 pandemic on the economy and the current recession.

The FA which took effect from 1st January, 2022, amended some key provisions of 13 (Thirteen) statutes such as: the Capital Gains Tax Act, Companies Income Tax Act, Federal Inland Revenue (Establishment) Act, Personal Income Tax Act, Stamp Duties Act, Tertiary Education Trust Fund (Establishment) Act, Customs, Excise, Tariffs etc. (Consolidation) Act, Value Added Tax Act, Insurance Act, Nigerian Police Trust Fund (Establishment) Act, National Agency for Science and Engineering Infrastructure Act, Finance Control and Management Act and Fiscal Responsibility Act.

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