Finally, President Muhammadu Buhari has signed the 2019 finance bill into law in Abuja on Monday to follow the global best practice.
Among other positive implications of signing the bill into law also see the Value Added Tax (VAT) in Nigeria officially move to 7.5 percent from 5 percent.
Recall that the bill was submitted to the national assembly alongside the budget but the bill signing is coming 27 days after the 2020 budget was signed into law on December 17.
“I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” a tweet on the president’s Twitter account read.
“We introduced the bill alongside the 2020 budget, to reform Nigeria’s tax laws to align with global best practices, support MSMEs in line with our Ease of Doing Business Reforms, incentivize investments in infrastructure and capital markets and raise government revenues.”