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President presents Finance Act (Amendment) Bill, 2020 and Senate passes CAMA (Repeal and Re-enactment) Bill, 2020

President presents Finance Act (Amendment) Bill, 2020..

His Excellency, President Muhammadu Buhari, GCFR, today, Tuesday, 10 March 2020, submitted the Finance Act, 2019 (Amendment) Bill, 2020 (“the Bill”) to the National Assembly for passage.

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Wole Obayomi

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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Details of the provisions of the Bill are yet to be made public but it is reported that it will, among other things, codify 1 February 2020 as the effective date of commencement of the amendments to the Value Added Tax Act contained in Finance Act, 2019 which was signed by the President on 13 January 2020.

Senate passes the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020

The Senate today, Tuesday, 10 March 2020, passed the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020 (“the CAMA Bill”). The CAMA Bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises, enhance transparency and shareholder engagement and promote a friendly business climate in Nigeria. The Bill will be presented to the President for assent after the version of the Bill passed by the House of Representatives has been harmonized with the Senate’s version.  

It will be recalled that the President withheld his assent to a similar CAMA Bill, 2018 passed by the 8th National Assembly in May 2018. 

We will keep you abreast of further developments in due course.

For further enquiries, please contact:

Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

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