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NASS adopts Reps version of Finance Bill seeking to increase taxes

2020 budget to be passed on November 28

The joint Conference Committee on the Finance Bill of the National Assembly has adopted the House of Representatives version of Finance Bill.

The Finance Bill seeks to increase about seven taxes payable in the country, with the Value Added Tax (VAT) as the most prominent.

This was disclosed on Wednesday at plenary by the Chairman of the House Committee on Finance, James Faleke, while presenting the report of the conference committee to the House.

Read also: CBN expects 2.38% GDP growth by Q4

According to Faleke, after the passage of the finance bill by both chambers, there were some areas of differences which necessitated a conference committee to harmonise the bill.

He said: “The meeting of the conference committee took place yesterday and I want to report that the version passed by the House was adopted.”

The House unanimously approved the report as presented and the bill will now be sent to the President for ascent.

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