//President Buhari Signs 2019 Finance Bill into Law

President Buhari Signs 2019 Finance Bill into Law

President Muhammadu Buhari has today signed the 2019 finance bill into law in a bid to reform the nations’ tax system to align with global best practices.
President Buhari after signing the bill into law in Abuja stated that it is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by the passage of a Finance Bill, adding that the bill is designed to support the federal budget implementation and to create a truly enabling environment for business.
He further commended the leadership and members of the Ninth National Assembly for their hard work in ensuring the 2019 Finance bill passage into law.
Meanwhile, the bill encapsulates an amendment to six tax provisions, an increase in Value Added Tax on specific goods and services from 5 percent to 7.5 percent, and changes in the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.