Nigerians To Start Paying 7.5% VAT As President Buhari Signs Finance Bill Into law
Buhari signed the bill into law on Monday after its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.
The president announced this move on his verified Twitter page saying he is pleased to announce that he signed into law the Finance Bill, 2019.
I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.
Also, a statement released by Mr Buhari’s spokesperson, Femi Adesina, confirming the signing of the bill, reads:
“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.
You may be interested
10 major issues before N/Assembly in 2020Webby - January 26, 2020
The Ninth National Assembly, in September and October, 2019, rolled out an ambitious legislative agenda, a framework that will guide…
FG to Court: Don’t restore Nnamdi Kanu’s bailWebby - January 26, 2020
The Federal High Court in Abuja has been asked to reject a request by the leader of the Indigenous People…
Oshiomhole reacts to attacking of rally venue, burning of vehicles by thugsWebby - January 26, 2020
Thugs on Friday night attacked the venue for the Edo State All Progressives Congress faction loyal to the National Chairman…