The House of Representatives has revealed that the Finance Bill will be laid on the floor of the House on Wednesday for consideration.Speaking on Monday at the public hearing of the Nigeria Tax and Fiscal Law amendment Bill , 2019, the Speaker, Femi Gbajabiamila, said that the bill is an important piece of legislation, deserving of thorough consideration and reasoned debate by the parliament of the people, acting in the best interests of the people.
According to the Speaker, “The Tax and Fiscal Law Bill which we have gathered here to consider and to contribute to, will determine amongst other things, our ability as a nation to fund the 2020 budget, meet the obligations of government and implement policies to build infrastructure, tackle insecurity, grow the economy, and provide jobs that pay a living wage and lift families out of poverty.”
He added that lower CIT rate of 20% to apply to medium-sized companies with turnover between N25 million and N100 million. The Bill seeks to amend the provision of the Companies Income Tax Act to, amongst other things, curb Base Erosion Profit Shifting as proposed by the Organization for Economic Corporation and Development and thereby broadening the triggers for domestic taxation of income and by non-resident companies in Nigeria through dependent agents and via online market platforms.
In his submission, the Chairman, Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry, Mr. Paul McGrath, identified some key areas of concern which he said has the potential to further erode Nigeria’s competitiveness. He said that additional taxes, such as those proposed in the Bill, would further increase OPTS costs, tax burden and would also erode Nigeria’s competitiveness in the global oil and gas industry.
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