Have you heard about the new Finance Bill recently passed by the Nigerian Senate?

If you run a business, you definitely should be interested in it. Here are a number of ways it could impact your business:

1. Banks will now request for TIN before opening new accounts or letting (income-earning) customers run existing ones.

2. The list of non-VAT items will been expanded.

3. Businesses with turnover less than N25 million per-annum don't have to register for VAT.

4. Small businesses don't have to pay Company Income Tax (CIT).

5. Excise duties will be extended for imported goods.

6. No stamp duties for bank transfers of less than N10,000 (this means, for instance, that the N50 charge for PoS transactions of N1000 or more will now only apply for transactions involving N10,000 or more on PoS).

There's more here: https://connectnigeria.com/articles/2019/11/how-the-new-finance-bill-will-impact-your-business/