The 2020 finance bill has been forwarded to the National Assembly, by President Muhammadu Buhari. The bill is seeking its expeditious passage into law to aid the implementation of the proposed 2021 budget.
Senate President, Ahmad Lawan, and Speaker Femi Gbajabiamila, separately read the President’s letter at plenaries yesterday.
Buhari’s transmission of the Bill to both chambers was done pursuant to Sections 58 and 59 of the 1999 Constitution (as amended).
According to President Buhari, the Finance Bill, 2020 seeks to support the implementation of the 2021 Budget by proposing key reforms to specific taxation, customs, excise, fiscal and other laws.
He said specifically, the provisions of the Bill include to adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges precipitated by the decline in international oil prices, as well as the impact of the COVID-19 Pandemic on the Nigerian economy.
Reform extant Fiscal Policies to prioritise job creation, economic growth socio-economic development, domestic revenue mobilisation, as well as to foster closer coordination with Monetary and Trade Policies;
“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two (2) consecutive years of assessment, as well as reforming the commencement and cessation rules for small businesses