President Muhammadu Buhari on Monday signed the 2019 Finance Bill into law.
This was relayed by his social media side, Bashir Ahmad, in a tweet.
The law raises the Value Added Tax from 5% to 7.5%.
It also makes it mandatory for every bank account holder to have a Tax Identification Number.
The new law exempts companies earning below N25 million turnover from the payment of Companies Income Tax.