2020 Finance Bill: More Tax Incentives Offered To Nigerians

Reduction in duties on tractors from 35% to 10%.

Reduction in duties on motor vehicles for the transportation of goods from 35% to 10%.

Reduction of levy on motor vehicles for the transportation of persons (cars) from 35% to 5%.

Exemption of small companies (with less than 125m turnover) from payment of education tax under the Tertiary Education Trust fund (TETFUND).

Fifty per cent reduction in minimum tax; from 0.5% to 0.25% for gross turnover for financial years ending between January 1st, 2020 and December 31st, 2021.

Granting of tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID).

Tax

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