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Senate, Reps Finance Act Bill crisis deepens

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Leke Baiyewu, Abuja The House of Representatives has scheduled a separate public hearing on the Finance Act Bill for next week, following the crisis that characterised the failed joint session with

the Senate.

The bill presented by President Muhammadu Buhari to the National Assembly as part of the measures to shore up revenue to finance the 2020 budget, seeks to amend the Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and Capital Gain Tax.

A member said, “People are insisting these are two interdependent legislative houses, so there must be some level of independence. If it is a joint committee, there should be co-chairmen, not one chairman; they have to share the responsibility.”Another member of the House said, “The news public hearing will be strictly by the House, we cannot do it jointly again. For public hearings, each house is supposed to organise its own, especially when the issue is a resolution of either of the houses.

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Senate holds public hearing for finance billThe bill seeks to increase the value-added tax (VAT) from five per cent to 7.5 per cent, among others.
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