New nigeria tax law

The Nigerian government has introduced several tax laws and reforms in recent years to improve tax administration, increase revenue, and promote economic growth. Here are some key highlights of the new Nigeria tax law:

  1. Finance Act 2019: This act introduced several tax reforms, including:
    • Reduction of corporate income tax rate from 30% to 20%.
    • Introduction of a 7.5% value-added tax (VAT) rate.
    • Increase in the minimum tax rate from 0.5% to 0.8% of gross turnover.
    • Introduction of a 10% tax on interest income from bank deposits.
  2. Personal Income Tax (Amendment) Act 2019: This act introduced several changes to the personal income tax law, including:
    • Introduction of a new tax bracket for individuals earning above N50 million per annum.
    • Increase in the tax rate for individuals earning between N20 million and N50 million per annum.
    • Introduction of a 10% tax on interest income from bank deposits.
  3. Companies Income Tax (Amendment) Act 2019: This act introduced several changes to the companies income tax law, including:
    • Reduction of the corporate income tax rate from 30% to 20%.
    • Introduction of a 10% tax on interest income from bank deposits.
    • Increase in the minimum tax rate from 0.5% to 0.8% of gross turnover.
  4. Value Added Tax (Amendment) Act 2019: This act introduced several changes to the value-added tax law, including:
    • Introduction of a 7.5% VAT rate.
    • Exemption of certain goods and services from VAT, such as basic food items and healthcare services.
  5. Tax Appeal Tribunal (Amendment) Act 2019: This act introduced several changes to the Tax Appeal Tribunal law, including:
    • Increase in the jurisdictional limit of the tribunal from N10 million to N50 million.
    • Introduction of a new procedure for filing appeals.
  6. Tax Ombudsman (Establishment) Act 2019: This act established the office of the Tax Ombudsman, which is responsible for investigating and resolving tax-related complaints.
  7. Tax Identification Number (TIN) Act 2019: This act introduced a new requirement for individuals and businesses to obtain a Tax Identification Number (TIN) for tax purposes.
  8. Automated Tax Administration System (ATAS) Act 2019: This act introduced a new automated tax administration system to improve tax collection and reduce tax evasion.

These are some of the key highlights of the new Nigeria tax law. It is essential to note that tax laws and regulations are subject to change, and it is always recommended to consult with a tax professional or the relevant tax authority for the latest information and guidance.