VAT in Nigeria now 7.5 percent as Buhari signs Finance Bill into law
The bill was passed on 28 November 2019 by the House of Representatives after it had passed its third reading.
This vote followed the passage of the Bill by the upper chamber of the National Assembly (the Senate) on 21 November, following a public hearing held on 19 November.
Acoording to a tweet from President Buhari, “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.”
The President of Nigeria introduced the Bill alongside the 2020 Budget, to: -Reform Nigeria’s tax laws to align with global best practices; -Support MSMEs in line with Ease of Doing Business Reforms; -Incentivize investments in infrastructure and capital markets; -Raise Government revenues.
Buhari said, “This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation, and to create a truly enabling environment for business and investment by the private sector.”
“I thank the leadership and members of the Ninth National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget,” He added