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JUST IN: Buhari signs Finance Bill into law

President Muhammadu Buhari, on Monday, signed the Finance Bill, 2019 into law.  The president personally announced this through his verified twitter handle @MBuhari. 

The Finance Bill, 2019 (the Bill), presented by President Muhammadu Buhari alongside the 2020 Appropriation Bill to a joint session of the National Assembly on 8 October 2019, was passed by both the Senate and the House of Representatives.

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The law seeks to amend the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.

With the Finance Law, Nigerians who want to open or maintain accounts with the Deposit Money Banks will not have to provide their Tax Identification Number to do so.

The Federal Government has also raised the threshold from which stamp duty will be charged for online transactions from the current N1,000 to N10,000.