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Just In: President Buhari Signs Finance Bill

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President Muhammadu Buhari has signed the finance bill that was passed by the Senate and House of reps. in 2019.

Naija News Understands that President Buhari gave the announcement of the signing via his tweeter handle. see tweet below:

see tweet below:

Naija News Understands that the New law compels individuals to produce their Tax Identification Numbers (TIN) before they can operate new or existing bank accounts in Nigeria. The implication of this provision is that effective from 2020, every bank account in Nigeria will be taxed.

the new law also has a provision that approved the increase in Value Added Tax (VAT) rate from 5 per cent to 7.2 percent.



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