Finally, National Assembly transmits Finance Bill to Buhari

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 63%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

The National Assembly has finally transmitted the Tax and Fiscal Law Bill, also known as the Finance Bill, to the President, Major General Muhammadu Buhari , for assent.

The bill, presented by the President to the National Assembly as part of the measures to shore up revenue to finance the 2020 budget, seeks to amend the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.

The Senior Special Assistants to the President on National Assembly Matters, Senator Babajide Omoworare and Mr Umar el-Yakub could not be reached via telephone on Friday for official confirmation of the transmission.When the Finance Bill is signed into law, Nigerians who want to open or maintain accounts with the Deposit Money Banks will not have to provide their Tax Identification Number to do so, according some of its details.

Chairman of the House Committee on Finance, James Faleke, while explaining each of the amendments, also listed their benefits to the economy. “Insurance companies can now carry forward tax losses indefinitely, deduct reserve for unexpired risks on time apportionment bases, while special minimum tax for insurance has been abolished.”

While a joint hearing with the Senate was botched last week due to a conflict between the two chambers of the National Assembly, the House had held a separate public hearing on the bill.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Can I be educated on the importance of this bill?.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Seven taxes Finance Bill 2019 amends, how they affect NigeriansPresident Muhammadu Buhari is expected to assent to the Finance Bill 2019 passed recently by the National Assembly.
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Budget 2020: Why finance bill won’t fully take effect on January 1 - MinisterThe Finance Bill 2019 when signed into law will not fully take effect from January 1, 2020, Minister of Finance, Budget and National Planning, Zainab Ahmed, has said. Angle 90° N the blame iz not on anybody😂
Source: PremiumTimesng - 🏆 3. / 78 Read more »

Hate Speech Bill: You have no business in government if you're afraid of criticisms - Alaafin tackles NASS - Daily Post NigeriaThe Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi 111, on Thursday, berated the National Assembly over the re-introduction of the anti-hate speech bill by Best tweet I read today Let them know sir Iku Baba yeye!!! May your day be long on the throne of your ancestors. Nigerians need your unprecedented contribution to castigate and antagonize the Legislature to enact such bill or law. Kaaaabiyesi oooo🙌🙌🙌🙌
Source: DailyPostNGR - 🏆 11. / 59 Read more »