With the recent signing of the Finance Bill, 2019 (the Act) by the President, the Act now has the force of law and can be implemented as an Act of the National Assembly. However, the Act has not been made available to the public. Therefore, there is currently no certainty on which provisions of the extant tax laws were retained and which ones were amended in the Act.
In the interim, we understand that the implementation date of the Act would be communicated later by the Federal government to the general public. This became necessary in order to allay the concerns of taxpayers who are yet to sight the Act while being apprehensive that its provisions may have taken effect from 13 January 2020 (i.e. the date the Act was signed by the President.
We are also hopeful that the implementation guideline would provide the necessary transitional period to enable taxpayers plan properly and arrange their affairs accordingly. For further information on potential changes, please refer to our previous alerts on the Finance Bill.