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Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% - Politics - Nairaland

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Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by rodeo0070(m): 12:47pm On Jan 13
President Muhammadu Buhari has signed the 2019 finance bill into law in Abuja on Monday.

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.”

"This 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 specially designed to support its implementation, and to create a truly enabling environment for business and investment by the private sector."

"I thank the leadership and members of the Ninth National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget."


The law seeks to amend the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.

The bill also made provisions for companies with an annual turnover of less than N25 million to be exempted from paying company income tax.

The Federal Government also raised the threshold from which stamp duty will be charged for online transactions from the current N1,000 to N10,000.
https://brandspurng.com/2020/01/13/vat-now-7-5-as-president-buhari-signs-2019-finance-bill-into-law/

8 Likes 2 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by youngsahito(m): 12:53pm On Jan 13
let the hardship continues

87 Likes 6 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by GamalNasser: 12:54pm On Jan 13
Most useless President ever ..you will still not see a thing he will do with this money

168 Likes 12 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by nakaman: 1:09pm On Jan 13
He just renewed hardship contract

113 Likes 6 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Staro: 1:13pm On Jan 13
GamalNasser:
Most useless President ever ..you will still not see a thing he will do with this money


Buhari's budgets in 5yrs alone is way more than OBJ, Yar'Adua and GEJ for
16yrs put together.

This man nearly doubled the price of petrol from #86 to #145 and has borrowed away
the future of our unborn generations in loans yet, with nothing to show for.

I thank the Chinese govt and Dangote for funding the Lagos-Ibadan rail line as well as
the Oshodi - Apapa expressway respectively. These two projects seem to be progressing steadily
because of them

Left for this present Buhari's FG, only God knows what would be happening to this projects.

83 Likes 8 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Sirseedorf(m): 1:15pm On Jan 13
Hit or Miss ?
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by TooMuchStuff: 1:15pm On Jan 13
lipsrsealed
You can see SMILES all over the face of the Tyrant who care less whether the people are suffering or not provided his unemployed daughter can cruise the presidential JET around just to visit her friends to take pictures.

The real sector just jack back to more harsh operating cost. More unemployment loading...

Meanwhile, the Electoral Bill since 2017 is still gathering dust on his table waiting for the 7th reading by the Cabal

70 Likes 6 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by geedot(m): 1:15pm On Jan 13
Next level things!

11 Likes 2 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by henry4lov1: 1:15pm On Jan 13
Nawao oo
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by ValCon888: 1:15pm On Jan 13
The only bills that are speedily passed are bills that shield them from corruption charges or bills that put the masses under more hardship.

What is now the essence of the N30,000 minimum wage? An insensitive government that gives with the right hand and takes with the left.

110 Likes 3 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by tommykiwi(m): 1:16pm On Jan 13
Zombies una Mr Integrity is at it again....

The year just started and Mr Integrity continues to fulfill his election promises.

1. One Dollar = One Naira
2. A bag of Rice from #7500 to #23000
3. Free transport services
4. 24hrs Darkness of light.

47 Likes 2 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by amiibaby(f): 1:16pm On Jan 13
Babagoslow
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by kay29000(m): 1:16pm On Jan 13
Okay
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Mokason28: 1:16pm On Jan 13
Zombies will not see anything wrong here

26 Likes 1 Share

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Lawalemi(m): 1:16pm On Jan 13
Higher taxes translates to higher cost of goods and services. Everyone should get ready for further hardship

22 Likes 1 Share

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Charly68: 1:16pm On Jan 13
I hope Baba won't over burden us before he leave Aso Rock ..

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by samonak(m): 1:16pm On Jan 13
Chai!
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Mallamsaka: 1:16pm On Jan 13

2 Likes 2 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by ideabuilder: 1:16pm On Jan 13
Good development

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Resrguru: 1:16pm On Jan 13
Was expected
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Azatitebi(m): 1:16pm On Jan 13
Craze world
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nathdoug201: 1:16pm On Jan 13
Animal in human skin..
Let the next level begin

2 Likes 2 Shares

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by upower123(m): 1:16pm On Jan 13
Some people still support this man..it is well...

9 Likes 1 Share

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Chukwudi4naija(m): 1:17pm On Jan 13
Counter productive policy I must say. A country that needs to attract more local and foreign investment to forestall the alarming rate of unemployment and inflation is embarking on this adventure of perdition. How can crime be ameliorated towing this uninformed and unreasonable path?

Although, economic theory sees inflation as a catalyst for investment and employment, all things being equal, but not tax generated inflation as this. This gesture will definitely brings a consequence that will destroy the little that holds our very essence of humanity as a people.

The easiest way to commit mass murder is to put people in perpetual penury and lack as they cannot afford a decent meal, let alone affording the cheapest of medication for various illnesses that are common among poor people.

We have always had it bad when it comes to leadership, but not as insensitive and catastrophic as this.

15 Likes 1 Share

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nace5(m): 1:17pm On Jan 13
Can someone please explain so we that don't understand will get what was said, especially in our day to day activities

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Dhiren55: 1:17pm On Jan 13
GamalNasser:
Most useless President ever ..you will still not see a thing he will do with this money

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Azatitebi(m): 1:17pm On Jan 13
Na wa o
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Pavore9: 1:17pm On Jan 13
Bumpy ride ahead
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by HegenIkomkeh(m): 1:18pm On Jan 13
This fool has not only cemented the hardship and suffering of Nigerians,he has completely destroyed the fragile fabrics of our hard fought democracy.There are 3 more years to go folks,brace up for more.
Now I'm fully convinced that this country might never recover from the destruction that would be done by this mistake of a president. If you have a chance to emigrate, please do oh. No hope again!

22 Likes 3 Shares

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