Nigeria President Signs Law Implementing 2020 Finance Act

The Nigerian President Dec. 31, 2020, signed a law implementing the 2020 Finance Act, including 2021 budget measures. The law includes measures: 1) establishing capital gains taxes on specific asset sales; 2) amending the rules on the automatic exchange of information (AEOI); 3) amending insurance business tax rules; 4) amending dividend income tax rules for investment companies; 5) establishing a 0.5 percent minimum tax rate on investment company revenue, and a 0.25 percent rate for tax returns filed between Jan. 1, 2020, and Dec. 31, 2021; 6) providing tax incentives for qualified gas businesses; 7) imposing tax return filing obligations ...