President Muhammadu Buhari has signed 2019 finance bill into law. The bill will implement the 7.5% VAT increase.
The bill exempts companies earning less than N25,000,000 annual income from paying tax.
The President issued a statement on his verified Twitter account regarding the bill.
“I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.”
We introduced the Bill alongside the 2020 Budget, to:
- -Reform Nigeria’s tax laws to align with global best practices;
- -Support MSMEs in line with our Ease of Doing Business Reforms;
- -Incentivize investments in infrastructure and capital markets; -Raise Government revenues.
“This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation, and to create a truly enabling environment for business and investment by the private sector.”
“I thank the leadership and members of the Ninth National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget.”