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Finance Bill passes third reading in Senate, proposes 7.5 percent VAT

Finance Bill passes third reading in Senate, proposes 7.5 percent VAT

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Finance Bill passes third reading in Senate, proposes 7.5 percent VAT

The Nigerian Senate read the Finance Bill for the third time today (November 21).

On October 8,  President Muhammadu Buhari handed over the Finance Bill for deliberation and passage into law. It was presented together with the 2020 Appropriation Bill.

The Finance Bill encompasses seven bills namely, Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act. It seeks to make them more receptive to tax policies. 

The bill proposed an increase in the Valued-Added Tax rate from 5 percent to 7.5 percent.

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, Finance Bill passes third reading in Senate, proposes 7.5 percent VAT
A dyer at the Kofar Mata Marina Pits. Credit: kanostate.gov.ng.

It also proposed the amendment of the Customs and Excise Tariff Act to support local manufacturers.

 

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