The bill was submitted by the president alongside 2020 budget proposal to the National Assembly. It will amend several existing legislations when signed into law.1. Value Added Tax Act
The price of crude oil is rising. Manufacturers and service providers are compelled to build on the extra 2.5 per cent increase in VAT rate and transfer to the consumers in increased prices of goods and services.The bill repeals Section 60 of the Petroleum Profits Tax Act, and introduce Withholding Tax of 10 per cent on dividends paid out of the profits of companies engaged in petroleum operations in Nigeria.
Also, capital gains tax would henceforth be paid by anyone who receives compensation in excess of N10 million after the loss of employment.The Finance Bill 2019 also affects most Nigerians directly outside of the normal VAT they pay on certain goods and services. People will, however, be exempted from payment when they are transferring from one of their accounts to another in the same bank.The Finance Bill 2019 also impacts the Customs & Excise Tariff Act, as section 21 of the Customs, Excise Tariff, Etc. Act 1995 will be amended.
She said reports that people without TIN will not be allowed to operate their accounts with banks is not true.
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