Buhari signs finance bill into law

President Muhammadu Buhari has signed the 2019 finance bill into law in Abuja on Monday.

The bill was submitted to the national assembly alongside the budget.

However, the bill signing is coming 27 days after the 2020 budget was signed into law on December 17.

President Buhari after signing the bill into law, said: “This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.”

He thanked the leadership and members of the Ninth National Assembly for the “hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget.”

Both chambers of the National Assembly passed the finance bill in November while the 2020 budget in December 2019.

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.

The bill also made provisions for companies with an annual turnover of less than N25 million to be exempted from paying company income tax.