The Senate Thursday passed the Finance Bill 2019, which increased the rate of Value Added Tax from five per cent to 7.5 per cent and equally streamlined the nation’s tax regime.
“What we have done is very significant because this is to ensure that we not only have sources of funding but credible and reliable sources of funding for the 2020 Appropriation but also for subsequent activities of government. Senate President Ahmad Lawan urged revenue generating agencies to sit up, and ensure they do their work with patriotism.
He added: “The Bill also seek to address the taxation of industries, such as insurance, start-ups and the capital markets, deemed by the Federal Government of Nigeria as critical to the growth and development of the Nigerian economy. “The Bill also seeks to provide clarity and efficiency in the administration of individual income taxes in Nigeria.
He added that “going forward, the Executive should be encouraged to propose to the National Assembly, Finance Bills to support the fiscal policies of the annual Budget and should also sustain the initiative as an annual tradition.” He said: Also included in this Finance Bill, we now have reliefs for some small companies that if your revenue as a company is less than N25million, you are exempted from payment of VAT and also tax.
Adeola said: “Long before now, billions of dollars of transaction happen on the internet through companies not physically domiciled in Nigeria.
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