THE FINANCE ACT 2019
The Finance Act 2019 was introduced by the Government of Nigeria in the year 2020 to promote the ease of doing business in the Country for Small and Medium Enterprises and align with best practices around the world. Significant Changes were made to The Company Income Tax Act, VAT Act, and Capital Gains Tax Act.
The Honorable Minister of Finance, Budget and National Planning in the first quarter of the year 2020 issued the Company Income Tax (Significant Economic Presence) Order to support the Finance Act 2019.
Some of the activities now recognized as taxable transactions are electronic commerce, app store, e-data storage, participative network platform and so on. Also, any trade or business which entails the receipt of services from persons outside Nigeria to a person resident in ...