On Thursday, the House of Representatives passed the Finance Bill 2020 for second reading
The bill is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian Export Processing Zone Act, Oil and Gas Export Free Zone Act, Fiscal Responsibility Act, Companies and Allied Matters Act 2020, and the Public Procurement Act.’
President Muhammadu Buhari has transmitted Finance Bill 2020 to the National Assembly for consideration and passage as well as the 2021 Appropriation Bill presented before the parliament.
Both the Senate President, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila had read Buhari’s letter on December 1.
The debate on the executive bill was led by the Majority Leader, Alhassan Ado-Doguwa. He said in part, “Like you have all seen, this is a bill that intends to actually bring us up to date. Nigeria’s economy is under the challenging situation. We need to revisit and review some of our legal frameworks especially with respect to our financial management. Doing what we are doing today will definitely provide economic windows for the country and economic development.”
The motion was seconded for second reading of the bill by Lynda Ikpeazu, saying, “There are no new taxes, it is all to encourage ease of doing business in Nigeria and we all know how the economy is right now. So, we all need all the assistance that we can give so that we can have more investments, so we can have more people do business and create employment.”
Also, on Thursday, the Speaker set up a conference committee to harmonize versions of the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper passed by the Senate and the House.
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