FINANCE ACT, 2020

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FINANCE ACT, 2020

LAWS OF THE FEDERATION OF NIGERIA

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ARRANGEMENT OF SECTIONS

1.     Amendment of Cap. C1, C2I, P8, C49, VI, N107, 05, 117, S8, LFN, 2004; Act No. 16, 2011; Act No. 13, 2007; Act No. 31, 2007; Act No. 14, 2007; and Act No. 3, 2020.

Part I—Capital Gains Tax Act

2.     Amendment of section 2.

3.     Amendment of section 24.

4.     Amendment of section 36.

5.     Amendment of Schedule.

Part II—Companies Income Tax Act

6.     Amendment of section 11.

7.     Amendment of section 13.

8.     Amendment of section 14.

9.     Amendment of section 16.

10.    Amendment of section 23.

11.    Amendment of section 25.

12.    Amendment of section 27.

13.    Amendment of section 33.

14.    Amendment of section 39.

15.    Substitution for section 53.

16.    Amendment of section 55.

17.    Substitution for section 63.

18.    Amendment of section 68.

19.    Amendment of section 69.

20.    Amendment of section 77.

21.    Amendment of section 105.

22.    Amendment of Second Schedule.

Part III—Industrial Development (Income Tax Relief) Act

23.    Amendment of section 1.

24.    Amendment of section 25.

Part IV—Personal Income Tax Act

25.    Insertion of new section 6A.

26.    Amendment of section 20.

27.    Substitution for section 24.

28.    Substitution for section 25.

29.    Amendment of section 33.

30.    Amendment of section 37.

31.    Amendment of section 108.

32.    Amendment of sections 23,48,73,86, 89,93 and I06A. 

33.    Amendment of third Schedule.

Part V—Tertiary Education Trust Fund (Establishment, etc.) Act

34.    Amendment of section 1.

35.    Deletion of section 10.

36.    Amendment of section 11.

Part VI—Customs and Excise Tariff, etc (Consolidation) Act

37.    Substitution for section 21.

38.    Amendment of First Schedule.

39.    Amendment of Second Schedule.

Part VII—Value Added Tax Act

40.    Substitution for section 2.

41.    Insertion of new section 2A.

42.    Substitution for section 4.

43.    Substitution for section 10.

44.    Amendment of section 46.

45.    Amendment of Parts I-II to the Schedule.

Part VIII—Stamp Duties Act

46.    Amendment of section 2.

47.    Amendment of section 89.

48.    Insertion of new section 89A.

Part IX—Federal Inland Revenue Service (Establishment) Act

49.    Amendment of section 8.

50.    Amendment of section 23.

51.    Amendment of section 25.

52.    Amendment of section 26.

53.    Insertion of new section 28A.

54.    Amendment of section 39.

55.    Amendment of section 50.

56.    Amendment of section 69.

57.    Amendment to the Fifth Schedule.

Part X—Nigeria Export Processing Zones Act

58.    Amendment of section 18.

Part XI—Oil and Gas Export Free Zone Act

59.    Amendment of section 18.

Part XII—Companies and Allied Matters Act

60.    Substitution for section 432.

Part XIII—Fiscal Responsibility Act

61.    Amendment of section 12.

62.    Substitution for section 22.

Part XIV—Public Procurement Act

63.    Substitution for section 15.

64.    Substitution for section 17.

65.    Substitution for section 20.

66.    Amendment of section 22.

67.    Amendment of section 24.

68.    Amendment of section 25.

69.    Amendment of section 27.

70.    Amendment of section 30.

71.    Amendment of section 35.

72.    Substitution for section 36.

73.    Amendment of section 58

74.    Amendment of section 60.

Part XV—Establishment of Crisis Intervention Fund and Unclaimed Funds Trust Fund

75.    Establishment of Crisis Intervention Fund.

76.    Utilization of Crisis Intervention Fund.

77.    Establishment of Unclaimed Funds Trust Fund.

78.    Functions of the Debt Management Office as they relate to the Trust Fund.

79.    The Governing Council.

80.    Commencement date.

81.    Citation.

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FINANCE ACT, 2020, Act No. 1

An Act to Amend the Capital Gains Tax Act, Cap. C1, Companies Income Tax Act, Cap. C21, Personal Income Tax Act, Cap. P8, Customs and Excise Tariff, etc. (Consolidated) Act, Cap. C49, Value Added Tax Act, Cap. V1, Nigeria Export Processing Zones Act, Cap. N107, Oil and Gas Export Free Zone Act, Cap. 05, Industrial Development (Income Tax Relief) Act, Cap. 117, Stamp Duties Act, Cap. S8, Laws of The Federation of Nigeria, 2004; Tertiary Education Trust Fund (Establishment) Act No. 16, 2011, Federal Inland Revenue Service (Establishment)Act No. 13, 2007, Fiscal Responsibility Act No. 31, 2007, Public Procurement Act No. 14, 2007 and Companies and Allied Matters Act No. 3, 2020; and for Related Matters.

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        [Commencement]                                  [31st Day of December, 2020]               

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Enacted by the National Assembly of the Federal Republic of Nigeria—

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)