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Nigeria: Finance Bill 2019 was passed to Senate including standard Value Added Tax rate increase

Policy overview

Description

Finance Bill 2019 was passed to Senate including standard Value Added Tax rate increase

On 28 November 2019, the House of Representatives passed the Finance Bill 2019 to the Senate. The Bill amendments to the Value Added Tax (VAT) Act including a standard VAT rate increase from 5% to 7.5%.

Scope

Policy Area
Taxation
Policy Instrument
Indirect taxes
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2019-11-28
under deliberation

On 28 November 2019, the House of Representatives passed the Finance Bill 2019 to the Senate. The B…

2019-12-11
adopted

On 11 December 2019, the Senate passed the Finance Bill 2019 and sent it to the President for assen…

2020-01-13
adopted

On 13 January 2020, The President signed the Finance Bill 2019 into law. The Act amendments to the …

2020-02-01
in force

On 1 February 2020, the Finance Act 2019 enters into force. The Act amendments to the Value Added T…