President Muhammadu Buhari has signed into law, the Finance Bill, 2019.
The president announced this in a tweet on his handle @Mbuhari on Monday.
“I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” he tweeted after giving his assent to the bill at the presidential villa, Abuja.
Buhari submitted the bill to the joint session of the National Assembly on 14 October 2019.
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The Senate passed the bill in November 2019.
The objectives of the bill as sent by the president were to promote fiscal equity; reform domestic tax laws; introduce tax incentives for investments in infrastructure and capital markets; support small businesses, and raise revenues for the Government.
It contained vast changes to the Companies Income Tax Act, Value Added Tax (VAT) Act, Petroleum Profits Tax Act (PPTA), Personal Income Tax Act, Capital Gains Tax Act (CGTA), Customs and Excise Tariff Etc. (Consolidation) Act and Stamp Duties Act.
and then