The Finance Act, 2019 (Amendment) Bill, 2020 was submitted today, 10 March 2020, to the National Assembly.
Details of the bill’s provisions have not yet been made public, but according to reports, there are proposals that would establish that 1 February 2020 is the effective date of the changes to the value added tax (VAT) law as enacted by the Finance Act, 2019 (signed by the president on 13 January 2020). Among the VAT measures is a provision to increase the rate of VAT to 7.5%. Read TaxNewsFlash
In other news, Nigeria’s Senate on 10 March 2020 passed the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020 that would aim to provide an efficient means of regulating businesses and enhance transparency and shareholder engagement while minimizing the compliance burden of small and medium enterprises. The bill must be harmonized with the version passed by the lower house before it can be sent to the president for further action. The president withheld his signature on a similar bill in 2018.
Read a March 2020 report [PDF 494 KB] prepared by the KPMG member firm in Nigeria
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