Nigerians to pay more taxes as President Buhari signs Finance Bill

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All the finance people that are still wondering if the Federal Government of Nigeria has signed the new bill into law, please note that it has been signed into law as confirmed by the Federal Inland Revenue Services (FIRS).

Income tax, electricity tariff to go up We have the lowest VAT rate in Africa – Experts
 Nigerians will henceforth pay more in taxes while electricity rates will also go up in the course of the year as a new law signed by President Muhammadu Buhari to boost revenue for the government comes into effect. The president yesterday signed the 2020 Finance Bill into law at the Presidential Villa in Abuja. This is coming nearly two months after the National Assembly passed the bill and forwarded it to the president for assent in November 2019. The law has paved the way for an increase of the Value Added Tax (VAT) from five percent to 7.5 percent.

The 2020 Appropriation Act amounting to N10.59 trillion ($35bn) is also based on the new VAT rate.

The new law also stipulates that customers must present their Tax Identification Number (TIN) before they would be allowed to carry out any transactions through banks. The new law also amended the Petroleum Profit Tax Act, Customs and Excise Tariff Act, the Personal Income Tax Act, VAT, Stamp Duties Act, and the Capital Gains Tax. Electricity tariff may rise in the first half of 2020 Economists contacted to comment on the new development say the increase in VAT and other taxes would cause discomfort to many Nigerians as the prices of goods and services will most likely skyrocket.



VALUE ADDED TAX


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