How Finance bill will promote fiscal equity, ease of doing business – Minister

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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Finance Bill is not only about VAT increase — Senate - Vanguard NewsTHE Senate has given an insight into the Finance Bill 2019 as introduced by the Executive, saying that it is not only about the increase in VAT...
Source: vanguardngrnews - 🏆 5. / 75 Read more »

NASS to grill finance minister, Emefiele, others, over N72bn, $73m NDDC debts
Source: MobilePunch - 🏆 8. / 63 Read more »

Educate Nigerians on VAT hike, senators asks finance minister
Source: MobilePunch - 🏆 8. / 63 Read more »

Senators grill finance minister on tax hike – Daily TrustMembers of the Senate Committee on Finance yesterday interrogated the Minister of Finance, Budget and National Planning, Zainab Ahmed, on the proposed Valued Added Tax hike. They asked her to specifically give details of items exempted from the proposed hike.ADVERTISEMENT The lawmakers, during a pre-public hearing briefing, urged the minister to enlighten the citizens on …
Source: Daily Trust - 🏆 13. / 51 Read more »

Finance bill not only about VAT — Senate – Daily TrustChairman, Senate Committee on Finance, Senator Solomon Adeola, said that the Finance Bill was not only about Value Added Tax (VAT). He said that it was a composite bill seeking amendment in seven Acts of the National Assembly with removal of taxes for some sectors in the economy contrary to popular sentiment about the executive …
Source: Daily Trust - 🏆 13. / 51 Read more »