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Sunday, January 19, 2020

9 Things You Should Know About Public Finance Bill

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1. Stamp duty on bank transfers will apply to amounts of N10,000 and above. Transfers between the same owner's accounts in the same bank will be exempted. Electronic bank transfers included.

2. Banks will request Tax Identification Number (TIN) before individuals are allowed to open bank accounts. Existing account holders must provide their TIN to be able to operate their account.
3. Non-residents who provide imported technical and management services in Nigeria will be taxable at a final Witholding Tax rate of 10%.

4. Dividends distributed from petroleum profits will attract 10% withholding tax. This will affect those with investments in oil and gas investments.
5. A minimum tax (mainly applies to those without profit & unable to pay CIT) provisions of 0.5% of turnover will apply to all companies and exemption will only apply to small companies (less than 25m turnover). Non-resident companies will now pay minimum tax.
6. Small businesses with turnover less than N25m to be FULLY exempted from Companies Income Tax (CIT) & entities with less than N25m in turnover are exempted from VAT registration.
7. A CIT rate of 20% applies medium-sized companies with turnover between N25m and N100m. It's a boost for SMEs.
8. The law will now allow use of EMAILS as a communication medium with tax institutions - FIRS & State Revenue Agencies.
9. Early payment of Company Income Tax is incentivised with deduction of 2% of tax payable (medium-sized companies) and 1% for large companies.

FACEBOOK COMMENTS

Alechenu Simon

Let not continues to run away from responsibility, because we may suffer, in develop country there is tax for everything,
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Subair Ibrahim Olayinka

I hope all this tax issue is meant for the rich nit the masses

Mac David Akwuking

Making money by all means.. Weldon sir!

Holy Magana

Tinubu gangs opened their eyes and showed them how to reap off Nigerians but all of them shall pay one after the other
Edited1

Olakunle Ogundare

God will take away this government very soon

Ese Edem

God punish devil !
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Sunday Coolspirit James

We r surviving any how. Thank God I d aba such laws no d reach here

Dan Comodore

This is wickedness

Tamah Okechukwu

Where will all this money go, definitely not the masses

Ade Ade Stephen

This is a Tax regime .
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