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Finance Act 2022

 Top 21 Changes in the 2021 Finance Bill (Effective Year 2022) Taiwo Oyedele, PwC 1. Capital gains tax at the rate of 5% to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.  2. Lottery and Gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the likes. 3. Companies engaged in petroleum operations including Midstream and Downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old Upstream and Downstream classification...
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MONEY MATTERS

  Today on money matters, we will be talking about managing credit/loans. Why do people take loans? Over the years I’ve discovered that people take loans for various reasons 1.        For consumption 2.        For investment The distinguishing factor between this two is that One can generate profit and the other does not. A loan taken for investment purposes can generate profits while a loan taken for consumption have no profits attached to it. Practical Examples of taking loans for consumption or investment: “Taking a loan to get an expensive phone just for buying sake, not that the phone generates income, and getting a loan to buy a phone for business purposes” They are the same commodities, but one can yield profits . “Taking a loan to further your education abroad or paying your children’s school fees, this credit is purely an investment. The credit was taken to add value to yourself so that you can imp...
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