PRESIDENT BUHARI SIGNS THE FINANCE BILL 2021

This Information Circular is issued to Clients of Gbenga Badejo & Co. (Chartered Accountants) & GBC Professional Services.

On 31 December 2021, President Muhammadu Buhari, GCFR, signed the 2021 Finance Bill into law following the passage of the bill by the National Assembly.

The Finance Bill amongst other things proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession and also to promote economic growth, attract foreign investment, and increase revenue.

Some of the laws to be amended by the Finance Bill includes:

1. The Insurance Act
2. Stamp Duties Act (SDA)
3. Value Added Tax Act (VATA)
4. Capital Gains Tax Act (CGTA)
5. Fiscal Responsibility Act (FRA)
6. Personal Income Tax Act (PITA)
7. Companies Income Tax Act (CITA)
8. Finance (Control and Management) Act [FCMA]
9. Nigerian Police Trust Fund (Establishment) Act [NPTFEA]
10. Federal Inland Revenue Service (Establishment) Act [FIRSEA]
11. National Agency for Science and Engineering Infrastructure Act (NASENI Act)

Enquiries

GBC Professional Services is available for any clarification in this regard. Please reach out to Mrs. Damilola Akindele, ACA on 08167665737, Mr. Olawale Wemimo, ACA on 08069482710 and Mr. Emmanuel Ogiaga, FCA on 08038299593.