What is Finance act 2019
The Finance Act 2019 is a legislation passed by the Nigerian National Assembly to reform Nigeria's tax system and provide measures for the implementation of the 2020 budget. The Act introduced several changes to Nigeria's tax laws, including amendments to the Companies Income Tax Act, Value Added Tax Act, Personal Income Tax Act, Customs and Excise Tariff Act, and Stamp Duties Act.
Some of the key provisions of the Finance Act 2019 include the increase of the Value Added Tax (VAT) rate from 5% to 7.5%, the exemption of small companies from paying education tax, and the provision for the issuance of Tax Identification Numbers (TINs) to all Nigerians who engage in business activities.
The Act also provides for the imposition of penalties for non-compliance with tax regulations, as well as measures to combat tax evasion and promote transparency in the tax system. Additionally, it introduced incentives for companies that engage in agricultural activities and invest in infrastructure development in Nigeria.
Overall, the Finance Act 2019 represents a significant reform of Nigeria's tax system and is aimed at increasing revenue generation, promoting investment and economic growth, and improving the efficiency of the tax administration system in Nigeria.
Author: Muhammad T.
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