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  "documentTitle": "PwC’s MSME Survey 2020 Building to Last",
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      "text": "B: Cash basis: Remittance of VAT now to be on a cash basis, that is, the difference between output VAT collected and input VAT paid in the preceding month.",
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      "text": "D: Increased penalties: Penalties for failing to register has increased from N10,000 to N25,000 for the first month of default and N5,000 to N20,000 for each subsequent month. It is important for MSMEs to take note of the increase in penalties as payments for default will significantly affect their profit where their returns are not filed in time.",
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      "text": "A: Registration threshold: The Law sets a VAT registration threshold of N25 million turnover in a calendar year. This implies that SMEs that do not meet the threshold would not need to register for VAT and as a result would not be able to recover input VAT on their purchases.",
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      "text": "C: Exempt basic food items and definitions: The meaning of supply and the definition of goods and services have been expanded to cover intangible items while basic food items have been specifically defined. These include bread, cereals, live meat or poultry.",
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      "text": "The Stamp Duties Act has been amended to include payment of N50 duty on electronic bank transfers of N10,000 between accounts except same accounts of an individual in the same bank. This amendment has provided the legal backing for the charge.",
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      "text": "THE IMPACT OF THE FINANCE ACT 2019 ON MSMEs IN NIGERIA",
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