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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