Finance law: Wetin you need to know about di bill Buhari sign
Wia dis foto come from, Nigeria Presidency
President Muhammadu Buhari on Monday 13 January sign di 2019 finance bill into law.
Di koko of di law togeda with di 2020 spend moni plan na to change di kontri tax system, align am with di international standard for di world and to support small-small business pipo dem.
According to di president, di law go also raise moni for goment while also make am beneficial to invest for infrastructure and capital markets.
Wetin you need to know about di Finance Law
- Banks go request for Tax Identification Number (TIN) before pesin fit open accounts. Pipo wey get accounts must provide dia TIN to fit operate dia accounts.
- With dis new law, di plan na to raise di income or revenue wey goment dey make, as well as add jara to infrastructure and di capital markets.
- Di finance law go change di tax law and make am respond to di new tax law dem.
- Oda tins wey dey inside na Petroleum Profit Tax Act, Company Income Tax Act, Personal Income Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
- Small businesses wey dia turnover less dan N25m go dey FULLY exempted from di Companies Income Tax (CIT) & entities with less dan N25m in turnover go also dey exempted from VAT registration.
- Di law go allow use of EMAILS to communicate with tax institutions like - FIRS & State Revenue Agencies.
- Stamp duty on bank transfers go only apply to N10,000 and above. Dis wan no go apply to transfers between accounts of di same pesin for di same bank. E also include Electronic bank transfers.
- Pipo wey no dey live for Nigeria wey dey give technical and management service for di kontri dem go dey tax dem Witholding Tax of 10%.
- Money wey dem dey make from petroleum go attract 10% withholding tax. Dis one go affect those wey get investments for oil and gas.
Dis na di first time, since 1999 wey we return to democracy, wey di spend moni dey follow with di signing of Finance Bill, especially say dis go create di right environment for business and investment by the private sector." Dat na wetin President Buhari tok afta im sign di bill.
Di National Assembly bin pass di finance bill for November while dem pass di 2020 budget for December 2019.
