Nigeria: 2022 Tax Year Changes

Nigeria: 2022 Tax Year Changes

Legislation 

The Finance Act was passed by the National Assembly and brought the amendment of Section 33 of the Personal Income Tax Act by the deletion of the wording "or of a contract for deferred annuity on his own life or the life of his spouse" from the definition of life insurance. 

To determine the life insurance relief, only premiums paid by an individual during the year preceding the year of assessment to an insurance company in respect of insurance on his life or the life of his spouse will be considered. 

System changes 
No system changes required. Clients should ensure the group life premiums captured on the employee/employer/personal component is for insurance on the life of a taxpayer or taxpayer's spouse. 


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