Templars Legislative Watch: Finance Bill, 2019: SB. 140

On Thursday, 21 November 2019, the Senate passed the Finance Bill, 2019. The Bill seeks to amend seven (7) existing tax and fiscal policy laws (Companies Income Tax Act, 2004; Value Added Tax Act, 2007; Customs and
Excise Tariff (Consolidation) Act, 2004; Personal Income Tax Act, 2007; Capital Gains Tax Act, 2007; Stamp Duties Act, 2007; and Petroleum Profit Tax Act, 2004) to reform Nigeria’s tax system for enhanced implementation
and effectiveness.

The Finance Bill 2019 (the ‘FB’ or ‘Bill’) is an executive bill introduced at a Joint session of the National Assembly (the ‘Nass’) on the 8th October 2019, where it was passed for first reading. On 5th November 2019, the FB passed
its second reading and was forwarded to the Senate Committee on Finance for review which led to its passage on Thursday.