The Nigerian government is keen to open up new opportunities to earn more monies, and to do this, it sent a finance bill to the National Assembly. The bill is essentially a fiscal bill and it is driven by the objective of generating additional revenues for the Government to potentially partly finance the deficit in the 2020 Budget. Nosa James-Igbinadolor examines the bill
It was with a view to mitigating these macroeconomic challenges that President Muhammadu Buhari, while presenting the 2020 Appropriation Bill to a joint session of the National Assembly on October 14, 2019, submitted a Finance Bill. The finance bill seeks to put in place practical measures to generate additional revenues for the government to partly finance the deficit in the 2020 budget. To do this effectively, the bill sought to amend various tax laws in the country.
The bill is crucial to the federal government’s ability to raise additional revenues that it needs to finance investments. Minister of Finance, Budget and National Planning, Zainab Ahmed, opined that the bill would provide the government with additional opportunities to incrementally improve its fiscal policy and regulatory/legal environment to further strengthen the domestic capital market, and ultimately ensure sustained and inclusive growth and development.
Under the Personal Income Tax Act , the amendment seeks to clarify that pension contributions no longer require the approval of the Joint Tax Board to be tax-deductible. On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.
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