The Finance Bill 2019 which seeks to increase the rate of Value Added Tax from five per cent to 7.5 per cent and equally streamline the nation’s tax regime on Thursday scaled third reading in Senate.
Lawan said: “We amended seven Acts largely to ensure that we streamline the tax system in Nigeria and ensure that we get revenues for government to provide services and infrastructure to the citizens of this country. The seven Bills that were amended included: Petroleum Profit Tax Act , Customs and Excise Tax Act, Company Income Tax Act , Personal Income Tax Act, Value Added Tax Act, Stamp Duties Tax Act, and the Capital Gains Act.
“The Bill sought to amend the provision of the companies income Tax Act by curbing Base Erosion and Profit Shifting as proposed by the Organization for Economic Cooperation and Development and broaden the triggers for domestic taxation of income earned by non-resident companies in Nigeria through dependent agents and via online market platforms.”
“The Bill wishes to subject certain imported goods to excise duties in similar manner as their local manufactured counterparts.“The Bill also seeks to provide clarity and efficiency in the administration of individual income taxes in Nigeria.
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