On Thursday, November 21, 2019, the Finance Bill 2019 (the "Bill") was passed by the Senate after scaling through third reading on the floor of the Senate. The Bill had earlier, on October 14, 2019, been submitted to a joint session of the National Assembly (that is, the Senate and House of Representatives of the Federal Republic of Nigeria) alongside the 2020 Appropriation Bill (the "2020 Budget") by His Excellency, President Muhammadu Buhari.
The Bill proposes fiscal measures in support of the 2020 Budget of the Federal Government of Nigeria (the "FGN"), with extensive tax implications for the country. With a total proposed expenditure of N10.33 trillion against total expected revenue of N8.15 trillion, resulting in a deficit of N2.18 trillion; the 2020 Budget is projected to be financed partly by tax revenues expected to be generated through the key fiscal changes introduced by the Bill.
This article provides a summary of the reforms proposed in the Bill and highlights their likely impacts on Nigerian entities.
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