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Legislature, judiciary now bound by procurement law ― Ahmed Legislature, judiciary now bound by procurement law ― Ahmed Share For the first time since it was enacted in 2007, the Public Procurement Act has been made mandatory for both the legislative and judicial arms of the Federal Government. This fact was made known, on Monday, by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while giving a breakdown of aspects of the 2020 Finance Act, which became effective on January 1, 2021. “Other key reforms in the Finance Act, 2020 include restrictions on the Cost-to-Rev...

A. OVERVIEW President Muhammadu Buhari signed the Finance Act 2020 into law on December 31, 2020. The new legislation followed hot on the heels of the Finance Act 2019 1 which amended several tax statutes. The Finance Act 2020 was enacted in furtherance of the Federal Government's progressive reform of the business climate in Nigeria, and the need to constantly restructure the tax system to align and conform same with international best practices, and make it respond effectively to the changing socio-economic landscape. Specifically, the Finance Act 2020 amended fourteen (14) principal tax an...

10 min read In this interview with Channels TV, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, speaks on the reviewed Customs and Excise Tariff in the recently passed Finance Bill 2020. She says the import duty reduction from 35 per cent to 10per cent, and zero per cent levies on tractors, transport vehicles and others, 50 per cent reduction of the minimum tax, is to ultimately reduce the rate of food inflation and not to hurt the local automotive industry. The interview was transcribed by PREMIUM TIMES’ Ayodeji Adegboyega. Read excerpts of the ...

Tax fizz: Is fruit juice an aerated drink? January 27, 2021 Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling   -  THE HINDU Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling   -  THE HINDU× This has been a subject of GST litigation. However, beverages with more than 5 per cent fruit content are not ‘aerated’ FMCG fruit-based drink manufacturers fear having to pay highest GST at 40 per cent. The classification of non-alcoholic beverages — fruit/fruit juice-based drinks — has come under the radar of the CBIC’s...

Vanguard News FINANCE ACT 2020: Key changes and implications On   President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (FA20) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s (FGN) commitment to enact fiscal policy annually, alongside the passage of the annual budget into law and aligns with global best practice. The Act, which took effect on January 01, 2021, amended the provisions of 14 tax and fiscal related legislation, namely: Capital Gains Tax Act (CGTA)  Companies Income Tax Act (CITA) Industrial Development ...