President Buhari signs Finance Bill into law

Buhari

Nigeria President Muhammadu Buhari on Monday signed the finance bill into law.

Buhari also thank the leadership of the Ninth Assembly for their support for other bills.

The President made this known with a thread in his twitter account at about 12:19pm it reads:

“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: –

REASON FOR THE FINANCIAL BILL

  1. Reform Nigeria’s tax laws to align with global best practices
  2. Support MSMEs in line with our Ease of Doing Business Reforms
  3. Incentivize investments in infrastructure and capital markets
  4. 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.

AUTHENTIC ALSO POSTED:  Buhari signs in N10.59 Trillion 2020 Budget

The Nigeria’s Finance Bill, which was submitted to the Joint Session of the National Assembly, along with the 2020 Appropriation Bill, last year’s, proposed amendments to various tax laws in the country.

The law is amends Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.

One of the features of the new law is that those who want to open or maintain accounts with Nigeria commercial banks will now have to provide their Tax Identification Number (TIN) to do so.

The bill also made provisions for companies with an annual turnover of less than N25 million to be exempted from paying company income tax.

The federal government also raised the threshold from which stamp duty will be charged for online transactions from the current N1,000 to N10,000.

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