Tuesday, May 18, 2021
telegram SH
Whatsapp 9787748839374893773 1

images 23 1609798193847

HomeNewsGeneral NewsNigerians To Start Paying 7.5% VAT In Finance Bill Signed By The...

Nigerians To Start Paying 7.5% VAT In Finance Bill Signed By The President

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).

Nigerians To Start Paying 7.5% VAT In Finance Bill Signed By The President

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.


SEE HOW TO MAKE MONEY ON THIS PLATFORM>>[http://bit.ly/2PvYHfC]

Donate to support Freshreporters=>https://freshreporters.com/support




DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshrepo [email protected]

For Advert and other info, you can send a WhatsApp Message to +2347050565443


Join thousands of readers to receive daily Latest News:

telegram iconJoin our Telegram Group

facebook iconLike our Facebook Page

whatsapp iconJoin our WhatsApp Group

twitter iconFollow Us on Twitter

facebook iconJoin Our FACEBOOK GROUP

instagram iconFollow Us on Instagram

youtube iconSubscribe to our YouTube Channel


PROMO SALES!!! Get cheap WRISTWATCH, SHADES & BRACELET collections😘💃

wristwatch, shades, bracelet

Most Viewed news