The President Muhammadu Buhari has signed the finance bill into law.
While declaring the development via his Twitter handle on Monday, the President said: “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.”
The Senate on Thursday, November 21, had passed President Muhammadu Buhari’s Finance Bill, 2019, which seeks an amendment of Nigeria’s tax laws, after considering the report of the Senate Committee on Finance.
In his presentation of the report, Chairman of the Committee, Senator Olamilekan Adeola, said the Bill specifically seeks to amend Nigeria’s tax provisions and make them more responsive to the tax policies of the Federal Government, among other things.
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He added that the amendment and passage of the Finance Bill would enhance the implementation and effectiveness of government’s tax policies.
According to Mr Adeola, the initiative to reform the tax system and the proposed modifications to the fiscal rules around taxation are clearly aimed at creating an enabling business environment aimed at minimizing the tax burden for Micro, Small and Medium Enterprises (MSMEs).
The Acts amended in the Finance Bill are: Companies Income Tax Act, Cap C21 2004 (as amended to date); Value Added Tax Act, Cap VI, LHN 2007 (as amended), and Customs and Excise Tariff (Consolidation) Act, Cap C49, 2004.
Others are: Personal Income Tax Cap P8, LFN 2007 (as amended); Capital Gains Tax Act Cap C1, LFN 2007; Stamp Duties Act Cap S8, LFN 2004, and the Petroleum Profit Tax Act (PPTA) 2004.