President Muhammadu Buhari has marked the 2020 Finance Bill into law.
The achievement reported on his confirmed Twitter account yesterday, follows the bill’s entry by the National Assembly and ensuing sending by the lawmaking body to the President for consent.
As indicated by the tweet, this is the first run through since the arrival of majority rules system in 1999, that a government spending plan is being joined by the entry of a Finance Bill extraordinarily intended to help its execution, and to make a really empowering condition for business and venture by the private segment.
The Special Adviser to the President on Media and Publicity, Mr Femi Adesina, who additionally affirmed the advancement in an announcement, included that the draft Finance Bill proposes an expansion of the VAT rate from five percent to 7.5 percent, all things considered, the 2020 Appropriation Bill depends on that new VAT rate.
It additionally contains a respite for independent ventures with turnover of under 25million, as they have been excluded from paying the beforehand statutory corporate personal duty (CIT); a 30% assessment on benefit.