Senate passes Finance Bill 2020

The Senate on Tuesday passed the Finance Bill 2020.

President Muhammadu Buhari forwarded the Finance Bill 2020 to the National Assembly on November 25.

In a letter addressed to the Senate President, Ahmad Lawan, the president said the passage of the bill would support the implementation of the 2021 budget through key reforms to specific taxation, customs, excise, fiscal and other laws.

The passage of the bill followed the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment; and Public Procurement.

In his presentation, the Chairman of the Joint Committee, Senator Olamilekan Solomon Adeola, said the Finance Bill 2020 specifically seeks to amend 17 key areas.

READ ALSO: Speaker assures of speedy passage of Finance Bill

The areas, according to him, are Capital Gains Act; Companies Income Tax Act; Industrial Development (Income Tax Relief) Act; Personal Income Tax Act; Tertiary Trust Fund Act; Customs and Excise Duties Tariff; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy.

Others are – Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Authority Act; Oil and Gas Export Processing Zone Act; Crisis Intervention Fund; Unclaimed Funds Trust Fund; Companies and Allied Matters Act, 2020; Fiscal Responsibility Act; and the Public Procurement Act.

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