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, has been passed by both the Senate and the House of Representatives.Submission of a “finance bill” or fiscal legislation with the budget/Appropriation Bill is not new in Nigeria as past military regimes had, during budget pronouncements, amended various tax laws.
This newsletter gives an overview of the Bill, analyses the key provisions vis-à-vis the changes to the primary taxing legislation and highlights the potential tax implications for stakeholders. Other areas covered by the newsletter include implementation challenges, transition arrangements and required actions by stakeholders.