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Nigeria: Senate passes Finance Bill, 2019

Nigeria: Senate passes Finance Bill, 2019

Nigeria’s Senate on 21 November 2019 passed the Finance Bill, 2019 after the third reading.

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The bill, as presented to the National Assembly in October 2019, includes measures that would revise provisions of the laws for corporate income tax, value added tax (VAT), petroleum products tax, individual income tax, and the customs and excise tax and stamp duties rules.

Passage of the bill by the upper chamber follows a public hearing on 19 November 2019. Now that the Senate has passed the bill, the next step in the legislative process is for the House of Representatives to take up and pass the bill and then it can be presented to the president for assent.

Read a November 2019 report [PDF 126 KB] prepared by the KPMG member firm in Nigeria

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