The Finance Act, 2024 had amended section 11 of the Income Tax Act, Cap 332 by adding the requirement to use the electronic receipt to authenticate purchases made in a particular financial year of income.
The amended section states that; “Expenditure incurred by a person during the year of income on goods or services relating to the production of income shall be supported by fiscal receipt except where the person providing the goods or services-
(a) is a non-resident person with no permanent establishment in the United Republic; or
(b) has been excluded from a requirement to issue fiscal receipt in accordance with section 36(2) of the Tax Administration Act.”;
Thus any expenditure incurred by a person during the year of income on goods or services relating to the production of income shall be supported by fiscal receipts.
We hope that you will find it insightful, and make sure whatever the expenses you are incurring are supported by fiscal receipts to avoid being added back during the computation of taxable amount by tax team.
HALA Consultants
Certified Public Accountant
NSSF Hifadhi, 9th Floor, Azikiwe Street
[email protected]
0752 187 434
The amended section states that; “Expenditure incurred by a person during the year of income on goods or services relating to the production of income shall be supported by fiscal receipt except where the person providing the goods or services-
(a) is a non-resident person with no permanent establishment in the United Republic; or
(b) has been excluded from a requirement to issue fiscal receipt in accordance with section 36(2) of the Tax Administration Act.”;
Thus any expenditure incurred by a person during the year of income on goods or services relating to the production of income shall be supported by fiscal receipts.
We hope that you will find it insightful, and make sure whatever the expenses you are incurring are supported by fiscal receipts to avoid being added back during the computation of taxable amount by tax team.
HALA Consultants
Certified Public Accountant
NSSF Hifadhi, 9th Floor, Azikiwe Street
[email protected]
0752 187 434