President Muhammadu Buhari has signed the finance bill 2019 into law.
Buhari confirmed this on his twitter handle saying the bill has, for the first time, aligned Nigeria’s tax laws with the global best practice.
The President said he signed the bill on Monday morning.
He thanked members and the leadership of the national assembly for their hard work and support in the passage of the bill.
The bill was sent by Buhari along with the 2019 appropriation bill to the national assembly last October 8.
Among other provisions, the bill stipulates that tax identification number is required to open or maintain a bank account and also raise the value added tax (vat) to 7.5 per cent.
It also raised the online transactions that will attract stamp duty charge from N1,000 to N10,000.
Also, the bill amended the personal income tax, the company income tax, customs and excise tax, petroleum profit tax and capital gains tax.