President Muhammadu Buhari has forwarded the Finance Bill, 2020 to the National Assembly, seeking its expeditious passage into law to aid the implementation of the proposed 2021 budget.
Buhari’s transmission of the Bill to both chambers was done pursuant to Sections 58 and 59 of the 1999 Constitution .According to President Buhari, the Finance Bill, 2020 seeks to support the implementation of the 2021 Budget by proposing key reforms to specific taxation, customs, excise, fiscal and other laws.
“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment, as well as reforming the commencement and cessation rules for small businesses“Propose measures to fund the Federal Government’s COVID-19 Pandemic response and introduce provisions to enhance the recovery of corporate donations towards responses to the COVID 19 Pandemic, as well as any similar crises in the future,” he said.