The Federal Inland Revenue Service (FIRS) recently issued Information Circular No.: 2021/20 (“the Circular”) on extension of the meaning of “in use”, pursuant to the provisions of Paragraph 16 of the Second Schedule to the Companies Income Tax (CIT) Act Cap. C21 LFN 2004 (as amended).
The Circular provides guidelines on claim of capital allowances (CA) on capital work-in-progress (CWIP) and assets in periods of temporary disuse, in line with Paragraph 16 (1 and 2) of the Second Schedule to the CIT Act
We have provided below, a summary of the key aspects of the Circular:
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