But the implementation will be delayed till the new law is gazetted. It is not clear how soon this will be done.
“These objectives are: Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices; Introducing tax incentives for investments in infrastructure and capital markets; Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenue for Government.
According to him, the law will make the 2020 budget “executable,” besides making doing business easier for the micro, small and medium enterprises by reducing their tax burden, and to make the national expenditure rely less on oil and gas revenues. “Talking about the Value Added Tax, only 15% to goes to the federal government, 50% goes to the state and 35% goes to the local government councils.
He said the impact on government revenue would be positive, especially for states and local governments, as their fiscal position would be enhanced.
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