The House of Representatives of the Federal Republic of Nigeria yesterday, Thursday, 28 November 2019, passed the Finance Bill, 2019 ("the Bill") after the third reading. This followed the earlier passage of the Bill by the Senate on Thursday, 21 November 2019.
The stage has now been set for the two Chambers to jointly harmonize the two versions of the Bill that they have respectively passed, and present the harmonized version to the President for assent to conclude the enactment process.
The Finance Bill, when assented to by the President, will make fundamental changes to the Companies Income Tax Act, Value Added Tax Act, Petroleum Profits Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Customs and Excise Tariff Etc. (Consolidation) Act and Stamp Duties Act effective from its commencement date.