Preface
The enactment of Finance Act, 2021 reinforces the Federal Government’s commitment to periodic review of the extant tax laws and progressive changes to Nigeria’s fiscal frameworks to align them with changing economic realities and global best practices.
We have reviewed the vast changes to the extant laws by the Act and provided a comprehensive analysis of their impact on taxpayers in various sectors of the Nigerian economy in our e-book: Finance Act, 2021: Impact Analysis published in February 2022.
In April 2022, the Federal Inland Revenue Service commendably updated its earlier Information Circulars of June 2021 issued further to Finance Act, 2020 with changes made by Finance Act, 2021.
The Information Circulars provide guidance on the implementation of Finance Act, 2021 and relevant parts of Finance Act, 2020 by way of update. We have summarized the provisions of each Circular and provided commentaries thereon in each chapter of this publication. This publication should be read in conjunction with our e-book on Matters Arising from Implementation of Finance Act, 2020. For quick reference, we have provided the weblink to each Information Circular at the end of each Chapter of the publication and the Appendix for the convenience of our readers.
We hope the fiscal authorities will find our commentaries useful on matters arising from the implementation of Finance Act, 2021 and its predecessor with a view to aligning the provisions of some of the Circulars with the Finance Acts and initiating future reforms.
As usual, we welcome feedback from our readers on this publication. Please reach out to us by email via ng-fmtaxenquiries@ng.kpmg.com
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