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Finance Act 2020: Implications For Individuals And Employers Of Labour - Tax

Background
The President of Nigeria assented to the Finance Bill 2020 on 31
December 2020. The Act which takes effect from 1 January 2020
introduced amendments to several tax and fiscal laws including the
Personal Income Tax Act (PITA) and the Capital Gains Tax Act
(CGTA). Broadly, the changes provide clarity to some previously
grey areas, address areas of possible non taxation or double
taxation and introduced an income exempt category.
We highlight the changes and their implications for individuals
and employers in this alert.
Redefinition of Gross Income
Section 33(2) of PITA has been amended as follows;
For the purposes of this Section, gross
income means income from all sources less all non-taxable ....

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Finance Act 2020: Key Changes To The Nigeria Tax Regimes - Tax

Introduction
In a bid to ensure that economic and financial challenges faced
by the country are promptly managed and addressed through revised
and definite economic policies, President Muhammadu Buhari signed
the Finance Bill 2020 into law which is now known as the Finance
Act 2020 ( The Act ) on December 31, 2020 alongside the
2021 Appropriation Bill. This aligns with best practices in
different jurisdictions across the world where existing tax
legislations and framework are annually reviewed in order to
support each year s budget and a major aspect of the
initiatives suggested by the President Enabling Business
Environment Council (PEBEC) and the National Tax Policy
Implementation Committee. ....

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