All You Need to Know about The Finance Bill 2019 That Proposes VAT Increase to 7.5%

MyNewsBite

President Muhammadu Buhari Tuesday in Abuja said he has forwarded the Finance Bill 2019 to the National Assembly.

According to him, when the bill is passed into law, it would permit government to raise the country’s Value Added Tax (VAT) from 5% to 7.5%.

The President stated this when he presented the 2020 Appropriation Bill to the joint session of the National Assembly.

“Accompanying the 2020 Budget Proposal is a Finance Bill for your kind consideration and passage into law. This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws. These objectives are:

a. Promoting fiscal equity by mitigating instances of regressive taxation;

b. Reforming domestic tax laws to align with global best practices;

c. Introducing tax incentives for investments in infrastructure and capital markets;

d. Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms…

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