President Muhammadu Buhari on Monday accented to the New Financial Bill 2019.
While some Nigerian’s have opined that this bill is a step in the right direction, others have questioned some aspects of the bill.
One of the most celebrated parts of the bill is the exemption of SMEs with turnover less than N25m from paying Company Income Tax (CBT). Another is that “Stamp duty of N50 which previously was applied on all transactions from N1,000 and above will now only be applied to items worth N10,000 and above” opined Yinka Ogunnubi on his Twitter handle.
Most members of the public are not happy about the increase in VAT from 5% to 7.5%. They believe citizens will bear the cost of this increase as businesses might push the burden to the customer.
The Finance Bill 2019 (now Act) has been signed into Law by the President, so has to take effect immediately.