The Finance Act 2019 introduces several changes to Nigerian tax
laws. Some key changes introduced by the Finance Act are identified
below:
● Tax rates
Small companies (gross annual turnover less than N25million) are
exempt from Companies Income Tax; Medium companies (gross annual
turnover of more than N25million but less than N100 million) to be
taxed at 20%;
Minimum tax shall be 0.5% of gross turnover less franked
investment income
VAT rate shall be 7.5%;
Companies which make VATable supplies of less than N25million
annually are exempt from charging VAT and filing VAT Returns.
● Banking requirements
Banks and other financial institutions required to obtain TINs
from customers before opening new ac counts for business purposes
and for continued operation of existing business accounts;
