Pres

President Muhammodu Buhari on Monday signed into law Finance Bill 2019.

The president made this known via his Twitter handle @MBuhari. “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019…

The following are some key points you need to know about the bill

1. The Bill’s primary purpose is to make money available for the implementation of the 2020 Budget.

2. The Bill aims at curing the deficiencies of major primary tax legislation by amending obsolete and contentious provisions.

3. It seeks to promote fiscal equity and align domestic laws with global best practices.

4. It increases VAT to 7.5% from 5%

5. It’s implementation takes immediate effect.

 

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