President Muhammadu Buhari has signed the finance bill into law.
He made this known via his Twitter handle on Monday.
“I am pleased to announce that this morning I signed into law the Finance Bill, 2019,” he tweeted.
He said the Finance Bill would support the implementation of the 2020 Appropriation Bill.
He added, “This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by the 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.
The Nigeria’s Finance Bill, which was submitted to the Joint Session of the National Assembly, along with the 2020 Appropriation Bill, last year’s, proposed amendments to various tax laws in the country.
The law is amends Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.
One of the features of the new law is that those who want to open or maintain accounts with Nigeria commercial banks will not have to provide their Tax Identification Number (TIN) to do so.