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Bill to amend Finance Act passes first, second reading at Senate

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A bill that seeks to Amend the Finance Act, 2019, has passed first and second reading at the Senate. The passage comes barely 24 hours after President

A bill that seeks to Amend the Finance Act, 2019, has passed first and second reading at the Senate.

In the letter read out by the Senate President, Ahmad Lawan, one of the amendments sought by the president is that the new law for the increase in Value Added Tax from five per cent to 7.5 per cent will take effect from February 1. This incentive, he said, is also to be administered by Nigerian Investment Promotion Commission pursuant to the Industrial Development Act.

 

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Is this amendment not too early? How did these amendment or adjustments escaped in the first place? This Finance Bill is not up to a year old and shortly being amend, this shows a shady job from Executive and Legislators.

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