Current Affairs Quiz: February 08, 2020

Filed in Daily Current Affairs Quiz by on February 8, 2020 0 Comments

In today’s current affairs quiz, we took a look into the Finance Act 2019 and the possible knowledge base questions that can be picked from it. A heads up for students, professionals preparing for exams or interviews.

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1. The Finance Bill 2019, was signed into law by President Muhammadu Buhari on

 
 
 
 

2. The Bill was submitted to the National Assembly by President Muhammadu Buhari alongside the

 
 
 
 

3. The first legislation created to accompany an Appropriation Act since the return of democracy in 1999 is called

 
 
 
 

4. The implementation of Nigeria’s new 7.5 VAT commenced on

 
 
 
 

5. One of the following is NOT among the goods and services exempted from paying the new 7.5 VAT in the 2019 Finance Act

 
 
 
 

6. Companies Income Tax (CIT) for Companies with revenues between N25 and N100m are described by the Act as

 
 
 
 

7. According to the new Finance Act, businesses from paying VAT are those with turnover below

 
 
 
 

8. Companies Income Tax (CIT) for Companies with revenues between N25 and N100m has been reduced from

 
 
 
 

9. With the new Act, the N50 Stamp duty charge is now applicable only to transactions amounting to

 
 
 
 

10. The new Act includes a provision that grants to all companies “engaged in agricultural production” in Nigeria

 
 
 
 

11. The acceptable form of correspondence for persons disputing assessments by Tax Authorities in the New Act now includes

 
 
 
 

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The Bill was submitted to the National Assembly by President Muhammadu Buhari alongside the

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The Finance Bill 2019, was signed into law by President Muhammadu Buhari on

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