So, over the past week, the news had been awash of the new Finance Bill. The bill has been described as a fiscal tool aimed at stimulating the fiscal environment and spur growth across all sectors of the economy.

While the bill seeks the improvement of the overall economy, the new law has a special focus on driving ease of doing business for small and medium enterprises by alleviating the tax burden.

Beyond the soundbites, here at least 7 most important takeaways for the micro, small and medium enterprises operating in Nigeria.

1. There Is No Provision for VAT on Online Transactions: This is one aspect of the new Finance Act that you probably have not heard about. The new Finance Act makes no provision for payment of value-added tax, VAT for an online transaction.
Recall that the Federal Inland Revenue Service, FIRS recently announced that it was putting together a framework to enforce collection of VAT on online transactions, by mandating banks to deduct such VAT at source. However, the new law contains no provision in this regard.

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