Tax News Alert: Finance Act 2019

The Finance Act, 2019 was recently assented to by the President and with the exception of the measures related to the taxation of Insurance Companies, all other measures/amendments came into effect  1 January 2020. The Act contains amendments to the Income Tax Act, Corporation Tax Act, Petroleum Taxes Act, Income Tax (In Aid of Industry) Act, Miscellaneous Taxes Act, Customs Act and the Cooperative Societies Act.  In addition to enhanced credits and allowances under the ITA and CTA, the Finance Act, 2019 also introduces significant changes to how Insurance Companies are taxed and the treatment of carried forward losses and the computation of capital allowances for Petroleum Companies (production businesses).

See the document for the implications and our comments on the amendments. If you would like to discuss the impact of the amendments on your business, please contact any member of our Tax & Legal Services team.