The Financial Act 2020 is a 26-page documented that was signed into law by Major General Muhammadu Buhari (retd. The Gates Commission did its part in advising on the need for government to provide a financial policy framework for the annual budget. The Financial Act 2020 was partly a response to that advice. The key laws amended in the new Act cover Companies Income Tax Act; Personal Income Tax; Stamp Duties Act; Customs and Excise Tariff; Petroleum Profit Tax; Capital Gains Tax; and the Value Added Tax. The new approach on dormant accounts and unclaimed dividends under our new Financial Act 2020 is bad policy both in spirit and in law.

Source: Punch March 14, 2021 23:22 UTC