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The Finance Bill 2019

The Finance Bill 2019


On the 21st of November, 2019, the Finance Bill 2019 was passed by the Senate after scaling through the second reading on the floor of the Senate.
The Bill proposes fiscal measures in support of the 2020 Budget of the Federal Government of Nigeria with extensive tax implications for the country.

Proposed Key Reforms in the Bill are: (i) Promoting fiscal equity by mitigating instances of regressive taxation; (ii) Reforming domestic tax laws to align with global best practices; (iii) Introducing tax incentives for investments in infrastructure and capital markets; (iv) Supporting small businesses in line with the FGN’s ongoing Ease of Doing Business Reforms; (v) Raising required revenue for government, by various fiscal measures, including a proposed
increase in the rate of Value Added Tax (“VAT”) from 5% to 7.5%.

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