Senate passes Finance Bill 2020

For Capital Gain Tax, it recommended that returns should be filed per year on the 30th of June and 31st December of every tax year. It also said deductions provided for in the Company Income Tax should, among others, be based on the actual cost of the in-kind donation instead of the value which may be different from what the donor actually incurred.

For Industrial Development Income Tax Relief , the panel said deduction in the Tax Relief periods from initial five years to four years and additional three years to two years as this will enable the government to start taxing the relevant organisation after a total period of 6 years of tax holiday. For Stamp Duty, the panel recommended that “the Minister in charge of finance subjects to the approval of the National Assembly shall make regulation for the imposition, administration, collection and remittance of the electronic levy. And the sharing formula of the electronic levy between States and Federal Government with States Government taking 85% and Federal Government being the collecting agent on behalf of the States collects 15 per cent.

“Liaise with the relevant Registrars of Companies, deposit money banks or the National Deposit Insurance Corporation, as the case may be, to make adequate arrangements for the repayment of the verified interest and capital obligations due to the relevant shareholders, depositors or their legal beneficiaries, as the case may be.

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