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Finally, National Assembly transmits Finance Bill to Buhari

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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.

 

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