FINANCE ACT, 2019 – DISCOVER THE PLUS AND MINUS OF IT – CLICK TO DOWNLOAD
Some of the important highlights of the Act are:
- Companies with gross turn over of not more than N25million Naira in a year become fully exempt from Company Income Tax (CIT) and minimum Tax payments. This must be a big boost to small and medium scale Business.
- Tax rates for companies with turn over of between N25million – N100million has been cut down to 20% from 30%.
- The Act also introduced a Value Added Tax (VAT) compliance threshold of N25million albeit with an increased rate of 7% up from 5%
- N50 Stamp Duty charge previously applied on Electronic funds Transfers or deposits of N1000.00 and above will now be charged on Electronic Funds Transfers or deposits of N10,000.00 and above.
Click HERE to Download the FINANCE ACT, 2019
- Tax Identification Number (TIN) will be required as a pre-condition to open or operate a bank account for business purpose.