Regulatory Framework for Crowdfunding in Nigeria
On January 13, 2020, the President of the Federal Republic of Nigeria signed the Finance Act 2020 (the “Finance Act” or the “Act”) into law, and the Minister for Finance has announced February 1, 2020 as the commencement date for the implementation of the Act. The Act amends the Companies Income Tax Act (“CITA”), the Value Added Tax Act, the Customs and Excise Tariff Act, the Personal Income Tax Act, the Capital Gains Tax Act, the Stamp Duties Act, and the Petroleum Profits Tax Act. In terms of its impactfulness within the Nigerian business sector, the Finance Act is the first of its kind in over two decades and is intended to support the funding of the 2020 budget. This article highlights some of the major features of this new Law.