Nigerians To Start Paying 7.5% VAT As President Buhari Signs Finance Bill Into law

January 14, 2020
153 Views

President Muhammadu Buhari has officially signed the 2020 Finance Bill into law, which seeks to increase the value-added tax (VAT) from 5 percent to 7.5 percent.

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.

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.

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

You may be interested

N214bn LGA Fund: Beheading The Hydra-Headed Monster In Imo – By Collins Ughalaa
News
4 views
News
4 views

N214bn LGA Fund: Beheading The Hydra-Headed Monster In Imo – By Collins Ughalaa

Webby - July 30, 2020

Advertisement On Thursday, July 23, 2020, the panel of inquiry established by former Governor Emeka Ihedioha to look into the…

Insecurities And Our Guilty Elites – By Philip Attah
News
2 views
News
2 views

Insecurities And Our Guilty Elites – By Philip Attah

Webby - July 30, 2020

Advertisement The Holy scriptures admonishes us in Matthew 5:9 that “Blessed are the peacemakers, for they shall be called sons…

Your Exercise Of Discretion Is Tainted With Illegality, Court Of Appeal Tells Hon. Justice Abang
News
3 views
News
3 views

Your Exercise Of Discretion Is Tainted With Illegality, Court Of Appeal Tells Hon. Justice Abang

Webby - July 30, 2020

Advertisement The Court of appeal Lagos on 29th June 2020 nullified the judgment of Abang J. convicting and sentencing Nnamdi…

Leave a Comment

Your email address will not be published.