The bill was submitted to the joint session of the National Assembly by President Muhammadu Buhari on October 14 this year.
She said every year when the government is doing its annual budgeting process, it looks at its existing fiscal laws to see areas that require amendments to reflect current realities in the economy. The minister said some of the measures being proposed by the government include expanding the list of VAT-exempt items, such as basic food items, educational materials and medical supplies.“Introducing a VAT registration threshold for MSMEs with a turnover of less than N25 million per annum and reducing the Corporate Income Tax rate for these MSMEs from 30 per cent to 20 per cent are all incentives for businesses,” she said.
On insurance companies, Shettima decried a situation where companies had become economic albatross, adding that Nigeria at the moment had very few of such companies.
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