President Muhammadu Buhari has signed the 2019 Finance bill together with the 2020 appropriation bill into law.
Both chambers of the National Assembly passed the finance bill in November, 2019.
The Finance law was aimed at reforming Nigeria’s tax system to align with global best practices in Micro, Small and Medium Enterprises MSMEs , through the Ease of Doing Business initiative.
The law seeks to amend six tax provisions and make them more responsive to tax reform policies in the country.
Meanwhile, the law also affects changes in the tax provision of the Customs and Excise Tariff Act to encourage local manufacturers.
Other Acts captured include; Petroleum Profit Tax Act, Company Income Tax Act, Personal Income Tax Act, Stamp Duties Tax Act, and Capital Gains Act.
The law would promote investments in infrastructure and capital markets.