Buhari Signs Finance Bill

President Muhammadu Buhari has signed the Finance Bill, 2019 into law.

This was disclosed by Buhari on his official twitter handle on Monday, noting that the bill introduced alongside the 2020 Budget by his administration, will help reform Nigeria’s tax laws to align with global best practices.


“I am pleased to announce that this morning I signed into law the Finance Bill, 2019.

The president added that the finance bill will also support Micro, Small and Medium Enterprises (MSMEs) in line with the administration’s Ease of Doing Business Reforms.

Buhari said the bill will also foster a rise in government revenue and Incentivize investments in infrastructure and capital markets.


Highlights of the bill include;

– All companies with an annual turnover of less than N25 million will be exempted from paying Company Income Tax ( CIT Rate = 0%)

– All companies with an annual turnover between N25-100m will pay 20% CIT

– Increase in the rate of value-added tax(VAT) from the present 5% to 7.5%

– A rise in the threshold from which stamp duty will be charged for online transactions from the current N1,000 to N10,000.



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