FINANCE ACT, 2021

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FINANCE ACT, 2021

LAWS OF THE FEDERATION OF NIGERIA

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ARRANGEMENT OF SECTIONS

1.     Amendment of Cap. C1, C21, C49, P8, S8, V1, I17, N3, F26, LFN, 2004; Act No. 13, 2007, Act No. 31, 2007, Act No. 16, 2011 and Act No. 6, 2019.

PART I—CAPITAL GAINS TAX ACT

2.     Amendment of section 30 of the Capital Gains Tax Act.

PART II—COMPANIES INCOME TAX ACT

3.     Amendment of section 9 of the Companies Income Tax Act.

4.     Amendment of section 13 of the Companies Income Tax Act.

5.     Substitution for section 16 of the Companies Income Tax Act.

6.     Deletion of section 18 (b) (iii) of the Companies Income Tax Act.

7.     Amendment of section 23 of the Companies Income Tax Act.

8.     Amendment of section 30 of the Companies Income Tax Act.

9.     Amendment of section 31 of the Companies Income Tax Act.

10.    Amendment of section 33 of the Companies Income Tax Act.

11.    Amendment of section 39 of the Companies Income Tax Act.

12.    Amendment of section 55 of the Companies Income Tax Act.

13.    Substitution for section 77 of the Companies Income Tax Act.

14.    Amendment of section 78 of the Companies Income Tax Act.

15.    Substitution for section 81 of the Companies Income Tax Act.

16.    Amendment of section 105 of the Companies Income Tax Act.

PART III—CUSTOMS, EXCISE TARIFFS, ETC. (CONSOLIDATION) ACT

17.    Amendment of section 21 of the Customs, Excise Tariffs, etc. (Consolidation) Act.

PART IV—FEDERAL INLAND REVENUE SERVICE (ESTABLISHMENT) ACT

18.    Amendment of section 25 of the Federal Inland Revenue Service (Establishment) Act.

19.    Amendment of section 28 of the Federal Inland Revenue Service (Establishment) Act.

20.    Amendment of section 35 of the Federal Inland Revenue Service (Establishment) Act.

21.    Amendment of section 50 of the Federal Inland Revenue Service (Establishment) Act.

22.    Substitution for section 68 of the Federal Inland Revenue Service (Establishment) Act.

PART V—PERSONAL INCOME TAX ACT

23.    Amendment of section 33 of the Personal Income Tax Act.

24.    Amendment of section 47 of the Personal Income Tax Act.

25.    Amendment of section 49 of the Personal Income Tax Act.

26.    Amendment of section 94 of the Personal Income Tax Act.

PART VI—STAMP DUTIES ACT

27.    Amendment of section 89A of the Stamp Duties Act.

PART VII—TERTIARY EDUCATION TRUST FUND (ESTABLISHMENT, ETC.) ACT

28.    Amendment of section 1 of the Tertiary Education Trust Fund (Establishment, Etc.) Act.

29.    Amendment of section 2 of the Tertiary Education Trust Fund (Establishment, etc.) Act.

PART VIII—VALUE ADDED TAX ACT

30.    Substitution for section 10 of the Value Added Tax Act.

31.    Amendment of section 14 of the Value Added Tax Act.

32.    Amendment of section 15 of the Value Added Tax Act.

PART IX—INSURANCE ACT

33.    Amendment of section 9 of the Insurance Act.

34.    Amendment of section 10(3) of the Insurance Act.

35.    Amendment of section 102 of the Insurance Act.

PART X—NIGERIA POLICE TRUST FUND (ESTABLISHMENT) ACT

36.    Amendment of section 4 of the Nigeria Police Trust Fund (Establishment) Act.

PART XI—NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE ACT

37.    Amendment of section 20 of the National Agency for Science and Engineering Infrastructure Act.

PART XII—FINANCE (CONTROL AND MANAGEMENT) ACT

38.    Amendment of section 3 of the Finance (Control and Management) Act.

39.    Amendment of section 4 of the Finance (Control and Management) Act.

PART XIII—FISCAL RESPONSIBILITY ACT

40.    Amendment of section 41 of the Fiscal Responsibility Act.

41.    Effective date.

42.    Citation.

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FINANCE ACT, 2021

AN ACT TO AMEND RELEVANT TAX, EXCISE AND DUTY STATUTES IN ACCORDANCE WITH MACROECONOMICS POLICY REFORMS OF THE FEDERAL GOVERNMENT, TO AMEND AND MAKE FURTHER PROVISIONS IN SPECIFIC LAWS IN CONNECTION WITH THE PUBLIC FINANCIAL MANAGEMENT OF THE FEDERATION; AND FOR RELATED MATTERS.

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[COMMENCEMENT]                                                      [31st Day of December, 2021]

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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)