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FINANCE ACT 2020: Key changes and implications

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 (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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Jurisdiction Of The State High Courts On Tax Matters - Tax

JURISDICTION OF THE STATE HIGH COURTS ON TAX MATTERS
Introduction
By section 272 of the 1999 Constitution of the Federal Republic
of Nigeria (as amended), state high courts have wide jurisdiction
over civil and criminal matters.
2 Evidently in line with this
provision, it is quite common for disputes pertaining either to
taxes regarded as state taxes or taxes accruing to the
revenue of a state government, to be brought before state high
courts for determination.
Meanwhile, section 251(1)(b) of the 1999 Constitution (supra)
gives
exclusive jurisdiction to the
Federal High Court in civil causes and matters connected with
or pertaining to the taxation of companies and other bodies, ....

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