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#1 » by Erudite (f) (β1351) » January 15th, 2020, 5:50 am
On Monday 13th January 2020, Nigeria's president Muhammadu Buhari took to his verified Twitter account to say:

“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.”


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This bill has many contents and implications you must know. Among others, the bill seeks to increase the value-added tax (VAT) from five per cent to 7.5 per cent.

Here's the official statement release from the state house:

STATE HOUSE PRESS RELEASE

PRESIDENT BUHARI SIGNS 2020 FINANCE BILL INTO LAW

President Muhammadu Buhari Monday in State House signed the 2020 Finance Bill into law. This is sequel to its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.

Recall that President Buhari, while presenting the 2020 Appropriation Bill to the National Assembly, had also presented the Finance Bill and said: “This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.

“These objectives are; Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.

“The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent, as such, the 2020 Appropriation Bill is based on this new VAT rate,” he added.

With the assent, there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure.

Femi Adesina
Special Adviser to the President
(Media & Publicity)


The bill also touches banking and stamp duty issue. See the diagram summary below.
IMG-20200114-WA0012.jpg

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(2 Likes)   eMade, NiceGuy liked this topic.
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#2 » by NiceGuy (m) (β12645) » January 15th, 2020, 5:56 am
Thanks for the update :good:
I'm really not that nice... :mrgreen:

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#3 » by Favour12 (β2) » April 10th, 2020, 6:42 am
NiceGuy wrote:Thanks for the update :good:
yeah
Flash

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#4 » by Favour12 (β2) » April 10th, 2020, 6:43 am
Nice update
Flash


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