The House of Representatives has passed the Finance Bill, 2019 submitted by President Muhammadu Buhari. Members present at Thursday’s plenary passed the bill one week after it scaled through the third reading and was passed on the floor of the Senate in Abuja.
The bill seeks to amend six tax provisions and make them more responsive to tax reform policies. Apart from the worries expressed by a cross-section of Nigerians concerning the increase in Value Added Tax on specific goods and services from 5 per cent to 7.5 percent, the bill also amends the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.
It introduces tax incentives for investment in infrastructure, capital markets and supports small businesses.
