President Muhammadu Buhari has signed the Finance Bill into law.
Buhari made this known via his Twitter handle saying “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.
“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.
“I thank 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,” the president tweeted.
The Finance Bill, 2019 was presented alongside the 2020 Appropriation Bill to a joint session of the National Assembly on 8 October, 2019 by President Buhari.
The “finance bill” or fiscal legislation bill is an omnibus draft legislation, aimed at curing the deficiencies of major primary tax legislation by amending obsolete and contentious provisions.
This is a major aspect of the initiatives suggested by the President Enabling Business Environment Council (PEBEC) and the National Tax Policy Implementation Committee.
The bill will also strategically “promote fiscal equity by mitigating instances of regressive taxation; reform domestic tax laws to align with global best practices; introduce tax incentives for investments in infrastructure and capital markets; support small businesses in line with the ongoing Ease of Doing Business Reforms; and raise revenues for the Government by various fiscal measures.”