FINANCE ACT, 2019

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FINANCE ACT, 2019

LAWS OF THE FEDERATION OF NIGERIA

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EXPLANATORY MEMORANDUM

THIS Act amends the Companies Income Tax Act, Cap C21, Value Added Tax Act, Cap VI, Customs and Excise Tariff, etc. (Consolidation) Act, Cap. C49, Personal Income Tax Act, Cap. P8, Capital Gains Tax Act, Cap. C1, Stamp Duties Act, Cap. S8, Petroleum Profit Tax Act, Cap. P13, Laws of the Federation of Nigeria, 2004 to provide for the review of tax provisions and make them more responsive to tax reform.

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ARRANGEMENT OF SECTIONS

1.       Amendment of Cap. C21, Cap. VI, Cap. C49. Cap. P8, Cap. C1, Cap. S8 and Cap. P13, LFN, 2004.

PART I – COMPANIES INCOME TAX ACT

2.       Amendment of section 9.

3.       Substitution for section 10

4.       Amendment of section 13

5.       Amendment of section 16

6.       Amendment of Act No. 11, 2007

7.       Amendment of section 19

8.       Amendment of section 20

9.       Amendment of section 23

10.     Amendment of section 24

11.     Amendment of section 27

12.     Amendment of section 29

13.     Amendment of section 31

14.     Amendment of section 33

15.     Amendment of section 39.

16:    Substitution for section 40

17.     Deletion of sections 41 and 43

18.     Amendment of section 77

19.     Amendment of section 78

20.     Amendment of section 80

21.     Amendment of section 81

22.     Amendment of section 105

23.     Amendment of the Schedules.

PART II – PETROLEUM PROFIT TAX ACT

24.     Deletion of section 60.

PART III – PERSONAL INCOME TAX ACT

25.     Amendment of sections 2, 49, 86, 102 and 108.

26.     Amendment of section 20

27.     Amendment of section 33

28.     Amendment of section 49

29.     Amendment of section 58

30.     Amendment of section 74

31.     Amendment of the Third Schedule

32.     Amendment of section 108

PART IV VALUE ADDED TAX ACT

33.     Substitution for section 2

34.     Amendment of section 4

35.     Substitution for section 8

36.     Substitution for section 10

37.     Amendment of section 14

38.     Substitution for section 15

39.     Amendment of section 16

40.     Substitution for section 19

41.     Deletion of sections 21.-24

42.     Substitution for section 28

43.     Deletion of section 32

44.     Substitution for section 35

45.     Substitution for section 42

46.     Amendment of section 46

47.     Amendment of First Schedule

PART V-CUSTOMS AND EXCISE TARIFF ETC (CONSOLIDATION) ACT

48.     Amendment of CET

PART VI-CAPITAL GAINS TAX ACT

49,     Substitution for section 32

50.     Amendment of section 36

51.     Amendment of section 46.

PART VII – STAMP DUTIES ACT

52.     Amendment of section 2

53.     Amendment of section 4

54.     Substitution for section 89

55.     Deletion of section:90

56.     Amendment of Schedule

57.     Citation

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FINANCE ACT, 2019

An Act to amend the Companies Income Tax Act, Cap C21, Value Added Tax Act, Cap. VI, Customs and Excise Tariff, Etc. (Consolidation) Act, Cap. C49, Personal Income Tax Act, Cap. P8, Capital Gains Tax Act, Cap. C1, Stamp Duties Act, Cap. 58, Petroleum Profit Tax Act, Cap. P13, · Laws of the Federation of Nigeria, 2004 to provide for the review of tax provisions and make them more responsive to tax reform; and for related matters.

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[COMMENCEMENT]                    [13TH DAY OF JANUARY, 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)