Highlights of Finance Act 2020

• Section 2 of the Act was amended to include an incorporeal right as a taxable supply of service.

• Further amendments were made to section 2 of the Act, by providing a definition of time of supply.

• Section 10 is amended to include a tax registration obligation for NRCs that supply taxable goods and services to Nigeria.

• Section 46 of the Act was amended to include immovable properties in the definition of goods and expressly exclude buildings.

• Amendment of the first schedule to the VAT Act to expand the list of VAT-exempt goods and services

Source: EY

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