Growth Prospects for MSMEs Widen as Buhari Signs Finance Bill New law heralds implementation of VAT hike, could raise more revenue for federation Omololu Ogunmade in Abuja and Nume Ekeghe in Lagos Tax experts have welcomed the signing of Finance Bill 2019 into law by President Muhammadu Buhari, saying
it will improve government’s revenue and ease tax burden on micro, small and medium sized enterprises (MSME). The Finance Bill, which the president signed into law yesterday, will kick-start the
implementation of the new Value Added Tax (VAT) rate of 7.5 per cent, a 50 per cent hike from the old rate of five per cent. Speaking in an interview with THISDAY, the Tax
Leader/Head of Tax and Corporate Advisory Services at PwC, Mr. Taiwo Oyedele, said: “The Finance Bill that has been signed by the president is a good development because in 20 years, it is the first time
since 1999 we are having something of this scale and size, which is focused on how to fund the budget and issues around tax and reforms and its effect on MSMEs. “It also has issues to do
with stamp duties where the threshold has been raised to N10,000 meaning you don’t have to pay stamp duties if you are buying less than Continued on page 8
Dangote Renews Interests in Arsenal, Plans Take-over in 2021... Page 42 Tuesday 14 January, 2020 Vol 24. No 9045. Price: N250
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50 Years After, Gowon Rallies Nation Against Civil War Soyinka, Akintoye bemoan poor leadership Segun James Rekindling lessons of the Nigerian civil war yesterday, former Head of State, Gen. Yakubu Gowon (rtd), asked Nigerians to do all within their powers to avoid a repeat of the ugly side of the nation’s history. “We must do all in our power as responsible leaders and citizens of this great country and nation to
create enabling platforms to dialogue and proffer ideas on how we can live together in peace and harmony for the good of all Nigerians and the black race as a whole, thus ensuring political, economic, security and development of the country,” he said, adding: “I urge all Nigerians to ensure that we avert another civil war in Nigeria.” Continued on page 8
Okoro’s Illness Delays S’Court Judgments in Six Govs’ Election Appeals Alex Enumah in Abuja But for the sudden illness of Justice John Okoro, the Supreme Court would have yesterday decided the fate of the six governors whose elections are currently being challenged at the apex court in Abuja. The Supreme Court had listed 13 political cases, which included eight appeals and five cross-appeals, for hearing and
possibly determination, owing to the time bound nature of the cases. Among the appeals listed for Monday were that of Alhaji Abba Yusuf against the election of Kano State Governor, Alhaji Abdullahi Ganduje; Alhaji Ahmed Aliyu against Governor Aminu Tambuwal of Sokoto State; and Alhaji Mohamed Abubakar against Continued on page 8
PRESIDENTIAL ENDORSEMENT... Kwara State Governor, Alhaji AbdulRahman AbdulRazaq (left), and President Muhammadu Buhari during the visit of the governor to the Presidential Villa, Abuja…yesterday
PDP Blames Moles for Crises in Lagos, Kano, Kogi... Page 5