Tax Legislations & Tax Policy

Tax Legislations & Tax Policy

Tax legislation is the act or process of enacting tax
laws and the body of laws that provide for the levying of taxes and tax

The following are the existing tax legislation in
Nigeria, as at 2016:

  • Associated
    Gas Re-Injection Act
  • Capital
    Gains Tax Act
  • Companies
    Income Tax Act
  • Deep
    Offshore and Inland Basin Production Sharing Contracts Act
  • Tertiary
    Education Trust Fund Act
  • Federal
    Inland Revenue Service (Establishment) Act
  • Income
    Tax (Authorised Communications) Act
  • Industrial
    Development (Income Tax Relief) Act
  • Industrial
    Inspectorate Act
  • National
    Information Technology Development Act
  • Nigerian
    Export Processing Zones Act
  • Nigeria
    LNG (Fiscal Incentive Guarantees and Assurances) Act
  • Oil and
    Gas Export Free Zones Act
  • Personal
    Income Tax Act
  • Petroleum
    Profits Tax Act
  • Value
    Added Tax Act
  • Stamp
    Duties Act
  • Taxes and
    Levies (Approved List for Collection) Act
  • Casino
Reviews, amendments and modifications to tax
legislations are continuous, evolving with global best practices and in keeping
with the local socio-economic realities. The review and amendment of tax
legislation is in keeping with the formal tax amendment process as provided for
in the Nigerian constitution.

As a result of the need to continuously review and
amend tax legislation, the following tax laws were amended in the respective
years indicated hereunder:

  • Companies
    Income Tax Act – 2007
  • Value
    Added Tax Act- 2007
  • Personal
    Income Tax Act – 2011
The Petroleum Industry Bill (PIB) is presently before
the National Assembly and when passed into law will replace the Petroleum
Profits Tax Act. In addition, there is an on-going process to overhaul all
existing tax laws and the Service has consequently initiated the Tax Law
Redrafting Project to achieve this.

The Public will be notified as soon as any further
change to any or all of the tax laws is concluded.

Ed’s Note: This article was culled from the website of the Federal Inland Revenue Service and was originally posted here