Senate passes VAT increase bill
Nigeria’s Senate on Thursday passed the Finance Bill for the third time.
The bill, which comprises seven bills, seeks to amend six tax provisions and make them more responsive to tax reform policies.
President Muhammadu Buhari on October 8 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.
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