An Overview of Finance ACT 2021 SWAN ICAN- Prof Godwin Oyedokun.pptx

An Overview of Finance ACT 2021 SWAN ICAN- Prof Godwin Oyedokun

Being a lecture delivered at Society of Women Accountants of Nigeria (SWAN) held at ICAN Council Chambers, Victoria Island, Lagos on April 10, 2022

1. An Overview of Finance ACT 2021 Being a lecture delivered at Society of Women Accountants of Nigeria (SWAN) held at ICAN Council Chambers, Victoria Island, Lagos on April 10, 2022 Prof. Godwin Emmanuel Oyedokun Professor of Management & Accounting Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors)

2. An Overview of Finance ACT 2021

3. Contents

4. Introduction

5. Strategic Objectives to the Finance Act

6. Stylish Facts about Finance Act 2021 SN ISSUES DETAILS I Name of the Act Finance Act 2021 Ii Date signed by The Clark to the National Assembly December 24, 2021 Iii The date signed by the President December 31, 2021 Iv Effective Date January 1, 2022 V Date Released January 6, 2022 Vi No. of Pages 34 Vii No. of Sections 42 Viii No. of Parts 13

7. Stylish Facts about Finance Act 2021 SN ACTS AMENDED NO. OF AMENDMENTS AMENDED SECTIONS 1 Capital Gains Tax Act 1 30 2 Companies Income Tax 14 9,13, 16, 18 (b) (iii), 23, 30, 31, 33, 39, 55, 77, 78, 81, 105 3 Custom, Excise Tariffs, Etc (Consolidation) Act 1 21 4 Federal Inland Revenue Service (Establishment) Act 5 28, 35, 50, 68 5 Personal Income Tax Act 4 33, 47, 49, 94 6 Stamp Duties Act 1 89A 7 Tertiary Education Trust Fund (Establishment, Etc) Act 2 1, 2 8 Value Added tax Act 3 10, 14, 15 9 Insurance Act 3 9, 10(3), 102 10 Nigerian Police Trust Fund (Establishment) Act 1 4 11 National Agency for Science and Engineering Infrastructure Act 1 20 12 Finance (Control and Management) Act 2 3, 4 13 Fiscal Responsibility Act 1 41           Others     14 Effective date 1 41 of the Act 15 Citation 1 43 of the Act

8. Changes effected in Finance Act 2021

9. Finance Act 2021 - Key change

10. Finance Act 2021 - Key change

11. Capital Gains Tax The 2021 Finance Act Highlights

12. Companies Income Tax The 2021 Finance Act Highlights

13. Value Added Tax The 2021 Finance Act Highlights

14. Education Tax The 2021 Finance Act Highlights

15. Electronic Money Transfer Levy (EMTL) The 2021 Finance Act Highlights

16. National Agency for Science and Engineering Infrastructure Act (NASENI) The 2021 Finance Act Highlights

17. Administration The 2021 Finance Act Highlights

18. Other highlights The 2021 Finance Act Highlights

19. Key changes to Tax Laws introduced by 2021 Finance Act

20. Key changes to Tax Laws introduced by 2021 Finance Act

21. Key changes to Tax Laws introduced by 2021 Finance Act

22. Key changes to Tax Laws introduced by 2021 Finance Act

23. Key changes to Tax Laws introduced by 2021 Finance Act

24. Key changes to Tax Laws introduced by 2021 Finance Act

25. Key changes to Tax Laws introduced by 2021 Finance Act

26. Fiscal Imperatives

27. Fiscal Imperatives and Sustainable Development

28. Finance Act 2021 viz -a- viz Fiscal Imperatives and Sustainable Development

29. Finance Act 2021 viz -a- viz Fiscal Imperatives and Sustainable Development

30. Conclusion

31. Conclusion

32. Recommendations

33. Prof. Godwin Emmanuel Oyedokun Professor of Management & Accounting Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors) [email protected] ; [email protected] [phone], & [phone]