Following the signing of the Finance Bill barely a month after its passage at the National Assembly by President Muhammadu Buhari, Nigerians will begin to pay the new increment of 7.5 percent as Value Added Tax (VAT).
The Finance Bill was also presented to the National Assembly, when the President was presenting the 2020 Appropriation Bill.
Defending the bill The President explained that;
This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.
These objectives are; Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.
The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent , as such, the 2020 Appropriation Bill is based on this new VAT rate.
The new rate according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, is expected to take effect in the first quarter of 2020.
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