Finance Act 2019 Published In The Gazette With A Commencement Date of January 13, 2020

Proshare

Tuesday, February 04, 2020 09:02 PM / PwC Nigeria / Header Image Credit:  PwC Nigeria

 

The long awaited 2019 Finance Act has been published in the Gazette with a commencement date of Monday 13th January 2020 being the date it was signed into law by President Muhammadu Buhari.  


What does this mean?

S.2(1) of the Interpretation Act (IA), titled "Passing and commencement", states that an Act is passed when the President assents to the Bill whether or not the Act then comes into force. S.2(2) of the IA says where there is no provision as to the time when a particular enactment is to come into force, it shall come into force on the day when the Act is passed ...


The "Acts Authentication Act LFN 2004" (AAA) S.3(2) requires a duplicate when passed and signed shall be returned to the Clerk of the National Assembly who shall publish in the Federal Gazette; and the production of a copy of the Federal Gazette containing the Schedule as published shall be conclusive evidence for all purposes.


This means:

1. that the Finance Act 2019 came into force on Monday 13th January 2020

2.since the Gazetted copy was only made public, the Act is technically retroactive

3. where it is not practicable to apply the provision of the Act retroactively then the effective date will be 1st of February 2020 as earlier announced by the Minister of Finance

 

Download Here Finance Act 2019 Awaiting Gazette

 

Download Here -  Finance Act 2019 Gazetted

 

Proshare Nigeria Pvt. Ltd.


Related News - Finance Act 2020

  1. General Implications of the Finance Act on the Nigerian Economy
  2. 7.5% VAT Implementation In Nigeria To Commence February 1, 2020 - Finance Minister
  3. 2020 Fiscal Act Comes With Plenty of Goodies but Also Some Baggage
  4. Finance Bill Signing, Budget Implementation Key To Deepening Capital - Oscar Onyema
  5. Will the FG Tax Reforms Support Revenues in 2020?
  6. President Buhari Signs Finance Bill, 2019
  7. Nigeria's Finance Bill 2019 Key Changes and Implications
  8. Finance Bill 2019 Compels Individuals to Produce Their TIN Before Operating Bank Accounts
  9. House of Representatives Passes Finance Bill, 2019
  10. Finance Bill 2019: Tax Implications for Nigerian Entities
  11. Senate Passes Finance Bill, 2019
  12. 2019 Finance Bill: 20 Sweeping Changes To Nigeria's Tax Laws That May Affect You
  13. The Key Changes In The 2019 Finance Bill - Focus on Taxation

 

Proshare Nigeria Pvt. Ltd.


Related News - Taxes and Tariffs

  1. Creation of the AFCFTA: Tax Leaks and Economic Implications for Nigeria
  2. African Governments are Trying to Collect More Tax
  3. The Powers Of The FIRS To Freeze Defaulting Taxpayers' Accounts
  4. Deadline for Filing of Annual Employers Tax Returns (Form H1)
  5. Oil Marketers Kick Against N50 Stamp Duty
  6. Major Tax Events That Shaped 2019 and What To Expect In 2020
  7. FIRS Offers One-Month Window To Ease TCC Issuance
  8. Thoughts on The FIRS Chairman's End of Year Letter To Staffers
  9. Merchants Prohibited From Assessing Any Duty or Costs Characterised As Stamp Duty On Consumers
  10. Fowler's Fouls: What Tunde Fowler Did Wrong at FIRS
  11. Countdown to Country-by-Country Reporting Filing Deadline for Companies With 31 December Year-end
  12. FIRS Gives 7-Day Notice To Tax Defaulters; To Commence Nationwide Enforcement
  13. Validity of Consumption Taxes Imposed by State Governments in Nigeria
  14. Reminder to File Country-By-Country Reporting Notification
  15. Double Tax Treaty (DTT) In Nigeria - FIRS Clarifies the Rules for Claiming Treaty Benefit
  16. TAT Clarifies The Basis For Computing Interest On Tax Liabilities
  17. ''Illegal'' Taxes: Our Road to Redemption?
  18. Nigeria's Finance Bill 2019 Key Changes and Implications
  19. Why Nigeria Needs To Improve Its Ease of Tax Payments

 

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP