In its continued determination to cushion the socio-economic condition in the country even as the Economic Sustainability Plan is in progress, the Buhari administration will be offering more tax incentives to Nigerians especially through the forthcoming 2020 Finance Bill.1. Reduction in duties on tractors from 35 to 10 per cent3. Reduction of levy on motor vehicles for the transportation of persons from 35 per cent to 5 per cent.
Briefing State House Correspondents after the Federal Executive Council meeting in Abuja on Wednesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said the incremental changes referred to in the bill does not mean increasing taxes, but an improvement in the tax law, stressing that the country’s value added tax remains at 7.5 per cent.
The inclusion in the Finance Bill intended to grant tax relief to companies that donated to the COVID-19 relief fund is expected to serve as an acknowledgement and encouragement of such behavior.a.