Vanguard News
Senate passes Buhari’s Finance Bill 2020
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By Henry Umoru
THE Senate Tuesday passed President Muhammadu Buhari’s Finance Bill 2020 that was transmitted to the National Assembly two weeks ago for consideration and subsequent passage.
President Muhammadu Buhari had in a letter dated 25th November, 2020, which accompanied the Finance Bill during transmission, said its passage would support the implementation of the 2021 budget through key reforms to specific taxation, customs, excise, fiscal and other laws.
The passage yesterday was sequel to the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment; and Public Procurement.
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Finance bill ‘ll exempt minimum wage earners from Personal Income Tax ― Minister
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Zainab Ahmed
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed says the 2020 Finance bill, when signed into law will exempt minimum wage earners from Personal Income Tax (PIT).
Ahmed made this known on Friday in Abuja at a public hearing organised by the House of Representatives Committee on Finance.
“In the light of the current economic situation, it is proposed that persons who earn minimum wage are exempted from paying PIT,” the minister said.
Ahmed explained that no new tax was introduced neither was there any tax increase in the bill.
3 min read
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said the 2020 Finance Bill, when signed into law, will exempt minimum wage earners from Personal Income Tax (PIT).
Mrs Ahmed made this known on Friday in Abuja at a public hearing organised by the House of Representatives Committee on Finance.
“In the light of the current economic situation, it is proposed that persons who earn minimum wage are exempted from paying PIT,” the minister said.
She explained that no new tax was introduced neither was there any tax increase in the bill.
The minister explained that the bill was to introduce reforms that would enable the country meet the current economic challenges occasioned by the COVID-19 pandemic.
Finance Bill: SEC opposes government s move to manage unclaimed dividends today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
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The Securities and Exchange Commission is opposed to a proposed amendment in the Finance Bill 2020 that prescribes that unclaimed dividends be handed over to the federal government as trustee.
The Head of Department, SEC, Abdulkadir Abbas, stated this at the public hearing of the bill organised by the Senate Committee on Finance on Thursday.
His submission was in reaction to the presentation of the finance minister, Zainab Ahmed, on the key reforms intended in the bill.
She explained that under the Companies and Allied Matters Act (CAMA), the federal government proposes the creation of an unclaimed dividends and unutilised bank Balances Trust Fund.