President Muhammadu Buhari has signed the finance bill 2019 into law.
The President announced the development on his personal verified twitter handle.
The Nigeria’s finance bill, which was submitted to the joint session of the national assembly, along with the 2020 appropriation bill, last year, proposed amendments to various tax laws in the country.
The law amends petroleum profit tax act, customs and excise tariff act, company income tax act, personal income tax act, value added tax, stamp duties act and the capital gains tax.
One of the features of the new law is that those who want to open or maintain accounts with Nigeria commercial banks will now have to provide their Tax Identification Number (TIN) to do so.