News

Buhari signs Finance Bill, approves 7.5% VAT increase

Buhari signs Finance Bill, approves 7.5% VAT increase

 

President Muhammadu Buhari on Monday signed the 2020 Finance Bill into law following its passage by the National Assembly.

Buhari’s Special Adviser on Media and Publicity, Mr Femi Adesina, confirmed this development in a statement in Abuja.

It would be recalled that President Buhari presents the finance bill to the National Assembly while presenting the 2020 Appropriation Bill.

His word: “This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.

“These objectives are; promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices;

“Others are; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.

“The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent, as such, the 2020 Appropriation Bill is based on this new VAT rate.”

According to Adesina, with the assent, there would be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure.

Comment With Facebook

Comments (13)

  1. Aw, this was a very nice post. In concept I want to put in writing like this moreover – taking time and actual effort to make an excellent article… however what can I say… I procrastinate alot and in no way appear to get one thing done.

  2. I was very happy to find this net-site.I needed to thanks in your time for this glorious learn!! I undoubtedly having fun with each little bit of it and I have you bookmarked to take a look at new stuff you blog post.

  3. Nice read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch since I found it for him smile Therefore let me rephrase that: Thank you for lunch!

  4. Today, I went to the beachfront with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is totally off topic but I had to tell someone!

  5. Hello there, You’ve done an excellent job. I will certainly digg it and personally recommend to my friends. I am confident they’ll be benefited from this web site.

  6. Aw, this was a very nice post. In thought I want to put in writing like this additionally – taking time and actual effort to make an excellent article… but what can I say… I procrastinate alot and on no account seem to get one thing done.

  7. Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.

  8. I would like to thnkx for the efforts you’ve put in writing this blog. I’m hoping the same high-grade site post from you in the upcoming also. Actually your creative writing skills has encouraged me to get my own blog now. Really the blogging is spreading its wings rapidly. Your write up is a great example of it.

  9. Wonderful work! This is the type of information that should be shared around the web. Shame on Google for not positioning this post higher! Come on over and visit my web site . Thanks =)

  10. An impressive share, I just given this onto a colleague who was doing slightly evaluation on this. And he in fact purchased me breakfast because I discovered it for him.. smile. So let me reword that: Thnx for the treat! However yeah Thnkx for spending the time to debate this, I feel strongly about it and love studying more on this topic. If doable, as you change into expertise, would you thoughts updating your blog with more particulars? It is highly useful for me. Large thumb up for this blog publish!

  11. I’ve recently started a website, the information you provide on this website has helped me tremendously. Thank you for all of your time & work. “The inner fire is the most important thing mankind possesses.” by Edith Sodergran.

  12. I appreciate you sharing this blog.Really thank you!

  13. I got what you intend, regards for putting up.Woh I am glad to find this website through google. “Success is dependent on effort.” by Sophocles.

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.