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Tax haven cost government millions - Ekonomie

27 January 2021 | Ekonomie
Registered manufacturers in Namibia will only have up to 31 December 2025 to enjoy the tax incentives granted in the Income Tax Act and the Export Processing Zones Act.
In 1996, the government implemented a policy for the establishment of an Export Processing Zone (EPZ) regime to serve as a tax haven for export-oriented manufacturing enterprises in the country, in exchange for technology transfer, capital inflow, skills development and job creation. The Income Tax Amendment Act, 2 of 2020 was gazetted on 22 June 2020. According to Nicole Dreyer of BDO Namibia, exporters will qualify for the allowance on exports up to 31 December 2025 irrespective of their year-ends. EPZ enterprises in possession of export processing zone certificates under the Export Processing Zones Act on 31 December 2020, will continue to qualify for the tax incentives up to 31 December 2025. ....

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FINANCE ACT 2020: Key changes and implications

Vanguard News
FINANCE ACT 2020: Key changes and implications
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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 (Income Tax Relief) Act (IDITRA) Personal Income Tax Act (PITA) Tertiary Education Trust Fund (Establishment etc.) Act Customs and Excise Tariff, etc. [Consolidation] Act (CETA) Value Added Tax Act (VATA) Stamp Duties Act (SDA) Federal Inland Revenue Service (Establishment) Act (FIRSEA) Nigeria Export Processing Zones Act (NEPZA) Oil and Gas Export Free Zone Act (OGEFZA ....

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