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PIB Passage Will See Changes to Oil Companies' Taxes, Says Ahmed


By Nume Ekeghe
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has said the passage of the Petroleum Industry Bill (PIB) currently being considered by the National Assembly will lead to changes to taxation in the industry and generate more funds to the federal government.
She said this yesterday in her welcome address at the virtual public consultation for the Finance Act, 2020.
She also disclosed that economic activities in the country had started recovering gradually, saying the federal government has adopted appropriate counter-cyclical fiscal policies to accelerate economic recovery.
Ahmed explained: “It is important to note that the tradition of enacting annual Finance Bill does not preclude the need for more fundamental legislative reforms to our key taxing statutes. ....

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Legislature, judiciary now bound by procurement law ― Ahmed


Legislature, judiciary now bound by procurement law ― Ahmed
Legislature, judiciary now bound by procurement law ― Ahmed
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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-Revenue Ratios of Government and State-Owned Enterprises to increase operating surplus remittances; reforms extending the Public Procurement Act, for the first time, to cover the Judiciary and the National Assembly, as well as shortening procurement periods, increasing procurement mobilization fee thresholds from 15 per cent to up to 30 per cent, and providing for e-procuremen ....

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Finance Act 2020: Highlights Of Latest Developments In Nigeria's Tax Regime - Tax


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 and tax-related legislation. The thrust of the
legislation includes boosting government revenue, preventing base
erosion, streamlining areas of regulatory conflict and clarifying ....

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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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