Legislature, judiciary now bound by procurement law ― Ahmed Legislature, judiciary now bound by procurement law ― Ahmed
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For the first time since it was enacted in 2007, the Public Procurement Act has been made mandatory for both the legislative and judicial arms of the Federal Government.
This fact was made known, on Monday, by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, while giving a breakdown of aspects of the 2020 Finance Act, which became effective on January 1, 2021.
“Other key reforms in the Finance Act, 2020 include restrictions on the Cost-to-Revenue Ratios of Government and State-Owned Enterprises to increase operating surplus remittances; reforms extending the Public Procurement Act, for the first time, to cover the Judiciary and the National Assembly, as well as shortening procurement periods, increasing procurement mobilization fee thresholds from 15 per cent to up to 30 per cent, and providing for e-procurement.
A. OVERVIEW
President Muhammadu Buhari signed the Finance Act 2020 into law
on December 31, 2020. The new legislation followed hot on the heels
of the Finance Act 2019
1 which amended several tax
statutes. The Finance Act 2020 was enacted in furtherance of the
Federal Government s progressive reform of the business climate
in Nigeria, and the need to constantly restructure the tax system
to align and conform same with international best practices, and
make it respond effectively to the changing socio-economic
landscape.
Specifically, the Finance Act 2020 amended fourteen (14)
principal tax and tax-related legislation. The thrust of the
legislation includes boosting government revenue, preventing base
erosion, streamlining areas of regulatory conflict and clarifying
10 min read
In this interview with Channels TV, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, speaks on the reviewed Customs and Excise Tariff in the recently passed Finance Bill 2020.
She says the import duty reduction from 35 per cent to 10per cent, and zero per cent levies on tractors, transport vehicles and others, 50 per cent reduction of the minimum tax, is to ultimately reduce the rate of food inflation and not to hurt the local automotive industry.
The interview was transcribed by PREMIUM TIMES’ Ayodeji Adegboyega.
Read excerpts of the interview below.
Channels TV: Yesterday we heard the member of the House of Representatives who raised concerns about some provisions of the Finance Act, which he said lowers the tariffs for imported vehicles. He said that is going to adversely affect the automobile manufacturing concerns in this country. So could you shed some light on the reasons behind that decision?
FINANCE ACT 2020: An x-ray of major innovations in Nigeria tax system vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
Tax fizz: Is fruit juice an aerated drink?
January 27, 2021
Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling - THE HINDU
Tax tangle The legal tussle over taxing fruit-based drinks shows no signs of cooling - THE HINDU×
This has been a subject of GST litigation. However, beverages with more than 5 per cent fruit content are not ‘aerated’
FMCG fruit-based drink manufacturers fear having to pay highest GST at 40 per cent. The classification of non-alcoholic beverages fruit/fruit juice-based drinks has come under the radar of the CBIC’s investigation agency, DGGI (Directorate General of GST Intelligence).