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FINANCE BILL
The Presidency and the Ministry of Finance have sparked confusion about the implementation date of the newly signed Finance Bill.
Zainab Ahmed said the increased 7.5 value-added tax (VAT) is for the good of Nigerians and will help with the 2020 Budget. #AHMED
Yesterday, President Muhammadu Buhari signed the Finance Bill into law, hoping it would support the implementation of the 2020 budget.
The organized private sector and other stakeholders have warned FG against endangering the productivity of Nigerians with the new Finance Bill.
Nigerians are not happy that President Buhari signed the Finance Bill yesterday.
The new Finance Bill will ensure the exemption of small businesses with an annual turnover of less than N25 million from Company Income Tax.
The National Assembly has finally forwarded the Finance Bill to President Muhammadu Buhari for his assent. The lawmakers have sorted the battle for supremacy. #FINANCE BILL
The Minister of Finance, Zainab Ahmad, has said the Finance Bill might not be effective from January 1, 2020, when signed into law.
The new finance bill has generated lots of controversies at different fora and among operators in the SMEs as many do not understand the benefit.
Businesses in Nigeria are now more than ever exposed to payment of taxes, according to provisions of the Finance Bill currently being debated.
The much-debated and anticipated new tax regime in Nigeria will take effect from the 2nd of January next year.
A separate public hearing on the Finance Act (Amendment) Bill is expected to be held today by the House of Representatives.