Senate Passes Buhari’s Finance Bill 2020

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Chuks Okocha in Abuja The Senate has passed President Muhammadu Buhari’s Finance Bill 2020 that was transmitted to the National Assembly for consideration and passage two weeks ago. The passage of …

The Senate has passed President Muhammadu Buhari’s Finance Bill 2020 that was transmitted to the National Assembly for consideration and passage two weeks ago.

They are: Capital Gains Act; Companies Income Tax Act; Industrial Development 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. According to him, the proposed amendment to the bill seeks to “adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges precipitated by the decline in international oil prices, as well as the impact of the COVID-19 pandemic disease on the Nigerian economy.

 

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