FINANCE ACT, 2019 – DISCOVER THE PLUS AND MINUS OF IT – CLICK TO DOWNLOAD

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.
  • Tax Identification Number (TIN) will be required as a pre-condition to open or operate a bank account for business purpose.
Click HERE to Download the FINANCE ACT, 2019