The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this in a statement issued on Tuesday.
It is also aimed at supporting small businesses in line with the ongoing Ease of Doing Business Reforms; and raise revenues for the government by various fiscal measures, including a proposed increase in the rate of Value Added Tax from five per cent to 7.5 per cent. Providing clarity on some of the amendments to be made with the bill, Ahmed said it seeks to provide efficiency in the administration of individual income taxes in Nigeria.
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