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Government’s bill whittles down tax load on insurance companies | The Guardian Nigeria News - Nigeria and World News

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According to the Bill, life and non-life businesses would no longer be liable to the special minimum tax provision. TaxDeduction Insurance Nigeria

The Bill, though yet to be signed by President Muhammadu Buhari, deleted certain inhibitive rules for insurance companies, making it possible for the underwriters to carry forward losses indefinitely, as opposed to the four-year restriction currently in place.

Furthermore, “taxable investment income” would be limited to “income derived from the investment of shareholders’ funds”. Nonetheless, the Bill, when passed into law, would be a game-changer in ensuring the fair taxation of insurance companies. Originally, the CITA was meant to amend and simplify controversial aspects in its policy, instead it has made it more obscure particularly for the insurance sector.

 

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