The Federal Executive Council , presided over by President Muhammadu Buhari on Wednesday approved the Finance Bill 2020, to support the 2021 Budget.
Explaining features of the bill, the Minister said the intent of the bill is to ease tax burdens on some categories of enterprises, especially small and medium enterprises. “Through this Finance Bill, what we are seeking to do is to make incremental changes to tax laws relating to Customs and Excise as well as other fiscal laws to support the implementation of annual budget. When Mr. President presented the 2021 Budget to the Parliament, he did direct that the 2020 Finance Bill will also follow to support the budget proposals.
“Theses reforms will commence and will also be closely followed by the cessation rules for small businesses as well as providing incentive for mass transits by reducing import duties and the levies for large tractors, buses and other motor vehicles. The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production.
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