President Muhammadu Buhari on Monday signed the 2019 finance bill into law in Abuja. Following the development, the Value Added Tax (VAT) in Nigeria is now officially 7.5 percent from 5 percent.
Vigil360 recalls that the bill assented to by the President was submitted to the National Assembly alongside the budget for consideration and passage.
Although both Bills were presented together, the signing of the Finance Bill is coming 27 days after the 2020 budget was signed into law on December 17.
The President who made the ceremony public via series of tweets posted on his verified handle said;
“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 and raise government revenues.”
"The law seeks to amend the 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," he added.