President Muhammadu Buhari, on Monday, 13 January 2020, signed the 2019 Finance bill into law (the Act). The Finance Bill, which was passed by the National Assembly in December 2019 and transmitted to the presidency for assent, is expected to change the tax landscape in Nigeria as it contains amendments to the provisions of seven (7) extant tax laws. Please refer to our previous newsletter, for the key changes and implications of the amendments.
Ordinarily, the commencement date of an Act is the date the Act was assented to by the President, except where the legislation specifically states otherwise. Therefore, if the signed Act does not include transitional provisions and a commencement date, we expect that the Federal Government would provide clarity on such in the near future, in order to ensure seamless implementation of the amendments. Otherwise, the Act takes effect from today, 13 January 2020.
Taxpayers are encouraged to evaluate the impact of the key changes provided in the Finance Billon their operations and arrange their affairs in preparation for immediate compliance with the new legislation as well as ensure effective tax planning.
In order to prepare taxpayers for these changes and how it affects their business, Deloitte is organizing a training session on the Finance bill. Interested participants can register at www2.deloitte.com/dsot.