Discover and read the best of Twitter Threads about #FinanceActNg

Most recents (1)

The new Finance Act signed by President @MBuhari this week exempts all locally-manufactured sanitary towels, pads and tampons from VAT.

Also exempts from VAT “Tuition relating to nursery, primary, secondary and tertiary education.”

Great stuff! 🙌🏾
Also, VAT exemption has now been extended to all services rendered by “Microfinance banks.”

Wording of old law specifically mentioned “Community banks, People’s Bank and Mortgage Institutions.”

“Community Banks” now replaced by “Microfinance Banks.” #FinanceActNg
Another interesting aspect of the Finance Act: It repeals Section 60 of Petroleum Profit Tax Act—which strangely exempted from all taxes (PIT, CIT, etc), dividends paid out from petroleum profits.

Summary: Oil & gas dividends will now be liable to taxation, like other dividends.
Read 3 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!