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Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% (31683 Views)

Public Finance Bill: 10 Things You Should Know About It / Senate Okays 7.5% VAT And 6 Other Tax Hikes / Buhari Signs Law Stopping VPs Who Complete President’s Tenure (2) (3) (4)

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Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by kinethic: 1:34pm On Jan 13, 2020
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Dexpro:
This goferment eh.....


Meanwhile, you can be our smart distributor for the following products..

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Check my signature.
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by bravo158: 1:36pm On Jan 13, 2020
The provision for company's annual turnover of less then N25 million to be exempted from paying CIT is ok meanwhile you can register your business name, company, school, association, church/mosque with corporate affairs commission for less amount which will enable you to own corporate account, have access to loans and other government interventions.
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contact:
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Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by staga: 1:37pm On Jan 13, 2020
Dexpro:
This goferment eh.....


Meanwhile, you can be our smart distributor for the following products..

1. IYAN ADO(Poundo Yam)

2. MIKI FOODS

Check my signature.

You are the wisest of all others who have responded on this thread. People obviously did not read where MSMEs that make less than N25m are to be exempt from paying tax, and you are already manufacturing your own products.

Kudos! Let others be complaining instead of making their own paths.

3 Likes 1 Share

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Subzero047: 1:38pm On Jan 13, 2020
[s]
Aidejay:
See mumus with little understanding typing rubbish they failed to examine the excerpt and just jumped into conclusions
Signs and symptoms of mass hysteria. After all this online protest by this time tomorrow they'd have forgotten about it and found another thing to be barking at. Toothless bulldogs, 2030 go enter now and they will still be looking for something to blame.
[/s]

After all your blabbing you didn't explain anything

4 Likes

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nobody: 1:38pm On Jan 13, 2020
Aidejay:
See mumus with little understanding typing rubbish they failed to examine the excerpt and just jumped into conclusions
Signs and symptoms of mass hysteria. After all this online protest by this time tomorrow they'd have forgotten about it and found another thing to be barking as. Toothless bulldogs, 2030 go enter now and they will still be looking for something to blame.

I tell you. 99.99% of the people typing here have no knowledge of the contents of the 2019 Finance Bill, and are not in any hurry to acquire that knowledge, despite its being readily available. Even of those rare few who will actually go to the trouble of searching and reading its contents, the vast majority will have no idea on how to analyse it. But they are ever ready to print out their bitter opinions on social media.

Voluntary ignorance is the worst killer of this generation.

6 Likes

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by ilyasom(m): 1:39pm On Jan 13, 2020
See Igbos masturbatory duties all over this thread.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by rummmy: 1:40pm On Jan 13, 2020
He can now have enough money to fuel the children presidential jets
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by valarmorghulis: 1:40pm On Jan 13, 2020
Sirseedorf:
Hit or Miss ?
Hit, at least most nigerians will think before spending lavishly from now on.
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by pellummy(m): 1:41pm On Jan 13, 2020
Stop longing things, please explain in full details don't compare with other nations, just give us the implications on our day to day activities.... Thanks
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Tats(m): 1:41pm On Jan 13, 2020
I just cannot understand why one has to pay stamp duty for regular transactions when VAT should already be charged for such transactions. Stamp Duty in the UK is mostly applicable when purchasing a property.

You pay income tax and whatever is left for you to spend is further taxed several times in the form of VAT, Stamp duty, etc.
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by ChristineC: 1:42pm On Jan 13, 2020
what else does the old cunt specialize in if not to increase hardship upon his citizens?

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by CSTR2: 1:43pm On Jan 13, 2020
And yet some people can openly defend buhari's children abusing federal assets that are being maintained by tax payers..

Thunder fire all Of una.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by biggy26: 1:43pm On Jan 13, 2020
ValCon888:
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.
Your first paragraph was exactly my thought. The most important bill to sign now is the electoral bill, he and the rubber stamp assembly are now dragging their feet.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Dpaulie(m): 1:44pm On Jan 13, 2020
Hardship 102
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by akdjr(m): 1:48pm On Jan 13, 2020
I remember Jonathan said in an interview that the propose increase in vat propose during his administration will help in national development and urge Nigerians to embrace it if this administration adopt it. So let's watch and see what will come out of it now that we have successfully relegate that party that misrule this country for 16years.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by TooMuchStuff: 1:49pm On Jan 13, 2020
tommykiwi:
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 transportTrekking services
4. 24hrs Darkness of light.
Fixed
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Angelfrost(m): 1:51pm On Jan 13, 2020
LabDNA:
I will be raising the cost of my services too which is essential to human life. I will not become poorer because dullard buhari has sworn to impoverish Nigerians while his daughters fly freely and gallivant all over the world on the presidential jet paid for by the enslaved Nigerians tax payers.

Ewedu muslims get ready to pay more. If I tell you my new price, and you shout 'Kilode!'. May thunder fire your mouth there!


Fully seconded here!!!... Let the rich stay rich, while the poor lose further chances of coming out of poverty!!!

This is what most of them voted for.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by wink2015(m): 1:51pm On Jan 13, 2020
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/

It is the Southern Part of Nigeria that the Northerners are imposing this new Tax tarriff.

The north refuse to grow their own agricultural economy.

They are looking for ways to tax other productive sectors down south while their boys relax under the cover that they are economically poor.

3 Likes

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nobody: 1:54pm On Jan 13, 2020
Nace5:
Can someone please explain so we that don't understand will get what was said, especially in our day to day activities

VAT means value added tax which is imposed on the sales of goods and services.

Your president has increased it to 7.5% so this means that a bag of pure water which is currently sold for N100 will probably be sold for N150 - N170, a bag of rice may go for N28,000 to N30, 000 from the current N23, 000, even network providers of Telecom services will increase their tariffs etc.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Numerouno94(m): 1:54pm On Jan 13, 2020
tommykiwi:
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.

50naira for a liter of petrol nd oda unfulfilled promises. Buh if u complain some zombies will call u wailers or Ipob. Naija which way?
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Angelfrost(m): 1:56pm On Jan 13, 2020
Aidejay:
See mumus with little understanding typing rubbish they failed to examine the excerpt and just jumped into conclusions
Signs and symptoms of mass hysteria. After all this online protest by this time tomorrow they'd have forgotten about it and found another thing to be barking at. Toothless bulldogs, 2030 go enter now and they will still be looking for something to blame.

Hope you were not among those who voiced out or grumbled when Jonathan's government intended to perish that retrogressive fuel subsidy back in the day??!...

2 Likes

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Numerouno94(m): 1:57pm On Jan 13, 2020
amiibaby:
Babagoslow
Lol. Baba backward.
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Merimental(m): 1:58pm On Jan 13, 2020
nakaman:
He just renewed hardship contract
grin Nigerians n humor
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Merimental(m): 1:58pm On Jan 13, 2020
nakaman:
He just renewed hardship contract

sorry. network duplicated d quote
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by urahara(m): 1:59pm On Jan 13, 2020
For those of you complaining just know that vat for Ghana is 12.5 percent.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Nobody: 1:59pm On Jan 13, 2020
ilyasom:
See Igbos masturbatory duties all over this thread.

You will get more hungrier than you currently are with the signing of this bill. cool

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by mechanics(m): 2:00pm On Jan 13, 2020
Hmmmmm, just because of the minimum wage, this is not a good news at all, light bills and buying of units for electricity will be affected.

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by AerialMapper: 2:00pm On Jan 13, 2020
Next Level... Sai Baba
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Qadaffi2idiamin: 2:02pm On Jan 13, 2020
Thunder fire federal government..

Buhari will borrow money and fund their uncircumcised life style...

The masses will pay for his deep shit.

God punish all APC supporters

1 Like

Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by Cotton(m): 2:03pm On Jan 13, 2020
Odinaka00:
What have they been doing with all the taxes Nigerians have been paying....Stupid Government.. It shall never be well with people who 're in support of this evil Government


Subsidising your fucking school fees you ignorant asshole. What do you know about finance? This Act is long overdue. Nigerians paying 5% VAT is ridiculous. What have they been doing with all the taxes? Yes some of it has been stolen in previous administrations but the fact is that our revenue generation is near zero compared to what it should be. No we don't have enough money to execute a lot of projects. I am sure you are one of those who believe Nigeria is "rich".
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by DCmonster: 2:03pm On Jan 13, 2020
If you voted for buhari in 2015 and/or 2019 and you dare criticize or abuse him, thunder will strike you dead.
Re: Buhari Signs 2019 Finance Bill Into Law, VAT Now 7.5% by zoedew: 2:03pm On Jan 13, 2020
What a Leader! He is pleased to add to the hardship of a people already largely impoverished and whose earnings have been static! Pathetic!!

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