President Muhammadu Buhari on Monday signed the 2019 finance bill and the 2020 appropriation bill into law.
The finance law is aimed at raising government revenues, incentivising investments in infrastructure and capital markets.
The law will also reform Nigeria’s tax system with a view to supporting small and medium scale enterprises (SMEs) through the Ease of Doing Business initiative.
The signing of the finance bill into law marks the beginning of increase in Value Added Tax on specific goods and services from 5 per cent to 7.5 per cent.
The law inter alia also affects changes in the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.
The National Assembly passed the finance bill last November while the 2020 budget was passed in December.
