Significance of Nigeria's Finance Bill for 2020 Budget.

The significance of the Finance Bill of 2020 presented to the National Assembly by President Muhammadu Buhari includes :
1. Increase in government revenue through the increase of the Value Added Tax (VAT) from 5% to 7.5%.

2. Introducing tax incentives for investment into infrastructure and capital markets.

3. Promote the ease of engaging in business activities especially by Micro, Small and Medium Enterprises (MSMEs).

4. Improving the domestic tax laws to align with the global best practice.

5. Promoting fiscal equity, especially in avoiding double taxation on Income generated by organizations.



The finance bill made changes to different tax laws in Nigeria such as :

1. Increase in VAT from 5% to 7.5 %.

2. 0% Company Income Tax rate for small businesses and 20% for medium businesses. Therefore there is a bonus of 2% for companies that pay their taxes 90 days before the due date. This makes their tax percentage 18%.

3. Taxation of the digital economy.



Comments

Post a Comment

Popular posts from this blog

The Impact of Social Media in the world today.

The Impact of Social Media In The World Today  Imagine you are hearing the word social business for the first time, how will you view it in your own personal opinion. Actually, social business is a business involving social networks which is set up for the purpose of creating social services to people across the world and also serving as a means of making profit for the owners. Examples of social businesses in the world include Facebook, whatsapp, Instagram, YouTube e.t.c. These social businesses are referred to as multi billion dollar businesses as a result of a concept referred to as VVF.( Value, Volume and Frequency). Value--- The value of these social networks creates an avenue for mass usage of them by people across the world. The values they serve the world are so interesting and embracing, thus making them so attracting to the world. Volume---- The value of these social networks brings about the voluminous usage by people across the world. For instance, Facebook has ov...
Read more

Profile Of The First Chartered Accountant, Dr Akintola Williams.

Image
Meet The First Chartered Accountant In Africa, Dr. Akintola Williams Akintola Williams  was the first African to qualify as a chartered accountant. He founded in 1952 the first indigenous chartered accounting firm indigenous chartered accounting firm indigenous chartered accounting firm in Africa, Akintola Williams & Co in Lagos. He was founding member and first president of the Institute of Chartered Accountants of Nigeria (ICAN) and Association of Nigeria. He played in invaluable role in the establishment of the Nigeria. He played an invaluable role in the establishment of the Nigerian Stock Exchange. For his accomplishments, he was honoured with the Order of the Federal Republic by the Nigerian Government in 1982. And in April 1997,Queen Elizabeth also honoured him with the title Commander of the British Empire (CBE). Early life Williams was born to the family of Ekundayo Williams, a lawyer and farmer who was a son of a wealthy businessman from Abeokuta, Z.A. William...
Read more

The Diversification of The Nigerian Economy Back to Agriculture As A Solution to Nigeria's Economic Problem.

Image
    Economy diversification; Agriculture a way out/wdn.com.ng There is no doubt that petroleum (crude oil) has contributed substantially to Nigerian revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. However, it is a known fact across the globe that for a country to attain growth and development, its economy has to be diversified and that cannot occur in a vacuum. Mono-economy needs to give way to the productive development of various sectors of the economy. Following the sudden fall in the price of oil by more than 50% since June 2014 when it was $115 a barrel, which now is below $45, after five years of stability, it is a well-known fact that Nigeria’s continuous large earnings or revenue from this sector will be impossible. As a matter of fact, there is an urgent need for the Nigerian government to begin to look into diversification of various sectors of the economy so as to attain solid economic growth. St...
Read more