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Nigeria: Finance Act 2019 entered into force including standard Value Added Tax rate increase

Policy overview

Description

Finance Act 2019 entered into force including standard Value Added Tax rate increase

On 1 February 2020, the Finance Act 2019 enters into force. The Act amendments to the Value Added Tax (VAT) Act including a standard VAT rate increase from 5% to 7.5%. The Act requires non-resident providers to register for VAT if their turnover exceeds NGN 25 million.

Original source

Scope

Policy Area
Taxation
Policy Instrument
Indirect taxes
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
executive
Government Body
central government

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…