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Nigerian Senate Passes Finance Bill 2020
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Nigeria: Senate Passes Finance Bill 2020
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Vanguard News
Senate passes Finance Bill 2020
On
Senate
The Senate on Tuesday passed the Finance Bill 2020, transmitted by President Muhammadu Buhari on Nov. 25 for consideration.
The bill, which has 77 clauses was passed following adoption of the report of Senate Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment and Public Procurement at the Committee of the Whole.
Chairman of the Joint Committee, Sen. Solomon Adeola (APC – Lagos) while presenting the report, said the finance bill 2020 sought to amend 17 key finance Acts.
He listed the some of the Acts to include; Capital Gains Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act and Personal Income Tax Act.
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The Chairman of the Joint Committee, Senator Olamilekan Solomon Adeola (APC – Lagos West), in his presentation said the Finance Bill 2020 specifically seeks to amend 17 key areas.
They are: Capital Gains Act; Companies Income Tax Act; Industrial Development (Income Tax Relief) Act; Personal Income Tax Act; Tertiary Trust Fund Act; Customs and Excise Duties Tariff; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy.
Other areas amended are: Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Authority Act; Oil and Gas Export Processing Zone Act; Crisis Intervention Fund; Unclaimed Funds Trust Fund; Companies and Allied Matters Act, 2020; Fiscal Responsibility Act; and Public Procurement Act.