President Muhammadu Buhari on Monday in Abuja finally signed the 2019 finance bill into law after the bill was initially excluded when submitted to the national assembly alongside the budget last year.
The bill signing is coming 27 days after the 2020 budget was signed into law on December 17 will now officially pegs value-added tax at 7.5%.
The president announced the signing of the bill into law on his official Twitter page.
“I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” a tweet on the president’s Twitter account disclosed.
“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