But the implementation will be delayed till the new law is gazetted. It is not clear how soon this will be done.
“These objectives are: Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenue for Government.
According to him, the law will make the 2020 budget “executable,” besides making doing business easier for the micro, small and medium enterprises by reducing their tax burden, and to make the national expenditure rely less on oil and gas revenues. “Talking about the Value Added Tax, only 15% to goes to the federal government, 50% goes to the state and 35% goes to the local government councils.
He said the impact on government revenue would be positive, especially for states and local governments, as their fiscal position would be enhanced.
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UPDATED: Buhari signs Finance Bill, approves 7.5% VAT increaseFor what reason Have they improved anything? 😂 😂 😂 😂 😂 We die here Wallahi I don't know this man knowing what is doing....you approve 7.5% on top doing nothing, GOD will punish you coz you are driving Nigeria back each and everyday .
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New VAT implementation to await Finance Bill gazetteThe new Value added Tax (VAT) rate of 7.5 per cent will not take effect until the new Finance Bill is gazetted by the Federal Government...
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New VAT to wait till Finance Bill gazette - The Nation NewspaperThe new Value added Tax (VAT) rate of 7.5 per cent will not take effect until the new Finance Bill is gazetted by the Federal Government (NigeriaGov), President, Chartered Institute of Taxation of Nigeria (CITN), Dame Olajumoke Simplice, has said. NigeriaGov Very good
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LCCI lauds Buhari over assent to Finance Bill, insists VAT increment will impact businesses negatively – Daily TrustThe Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government on some of the expected positive impacts of the finance bill signed into law by President Muhammadu Buhari on Monday.
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Buhari Signs Finance Bill into Law - THISDAYLIVEBy Omololu Ogunmade in Abuja President Muhammadu Buhari on Monday in Abuja signed the 2020 Finance Bill into law. The president’s media adviser, Mr. Femi Adesina, in a statement, recalled that Buhari, while presenting the 2020 Appropriation Bill to the National Assembly late last year, made the presentation along with the Finance Bill. According to …
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Private sector knocks FG as Buhari signs finance billWhich private sector? Those that have over 25million turnover a year? Which one? The one affected by it? Or what... Y do we relish in negativity as a nation?
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