The Finance Bill 2020 has been passed into law by the Senate. The Bill which seeks to amend the Companies Income Tax Act, VAT, PITA, CAMA, and other similar acts have been passed into law.
Ever so recently, there has been some controversy concerning unclaimed dividends which the Federal Government in this Finance Bill, under the new CAMA Act, allows for unclaimed dividends by investors unclaimed over a period of 12 years to be reclaimed by the Federal Government.
The addition has generated quite a stir in business circles with many organizations deeming it as unfair to them seeing as many of the unclaimed dividends belong to investors who may not have been able to follow through with the process of identifying themselves accurately to reclaim their dividends.
