President Muhammadu Buhari on Monday signed the finance bill into law.
“I am pleased to announce that this morning I signed into Law the Finance Bill, 2019,” Buhari said in a tweet.
Buhari said the finance bill was “specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.”
The president said signing the bill will reform Nigeria’s tax laws to align with global best practices, support MSMEs in line with his administration’s Ease of Doing Business Reforms.
Buhari noted that the new law will incentivize investments in infrastructure and capital markets and gaise revenues.
The Nigeria president commended members of the Ninth National Assembly for the passage of the Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bills, he said are both vital to the successful implementation of the 2020 Budget.
Nigeria’s Senate on Thursday, November 19, 2019 passed the Finance Bill for the third time.
The bill seeks to amend six tax provisions and make them more responsive to tax reform policies.
President Muhammadu Buhari on October 8, 2019 presented the Finance Bill to a joint session of the National Assembly for consideration and passage into law.
The president presented the bill alongside the 2020 Appropriation Bill. He proposed an increase in the Valued-Added Tax rate from five percent to 7.5 percent.
The bill also proposes to amend the Customs and Excise Tariff Act to encourage local manufacturers.
The legislation under the bill includes Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.