The 2020 Finance bill has been passed on the floor of the Nigerian senate. The bill is set to seek the reduction on import levy on buses, tractor and other motor vehicles. The bill was passed after Solomon Adeola, the Chairman of the finance committee presented a report for consideration on the floor of the Senate.
It also amends 12 Acts which include the Capital Gains Tax Act; Companies Income Tax Act (CITA); Personal Income Tax Act; Tertiary Education Trust Fund (Establishment) Act; Customs and Excise Tariff, etc (Consolidated) Act and the Value Added Tax.
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Others are the Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Act; Oil and Gas Export Free Zone Act; Fiscal Responsibility Act; Companies and Allied Matters Act 2020; and the Public Procurement Act.
While the Federal Government had on Tuesday, written the National Assembly to demand a fresh review of the 2020 Appropriation Act.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, particularly asked the National Assembly to extend the expiration date of the capital component of the 2020 budget
Lawan told his colleagues that the Parliament resolved to take certain legislative decisions in order to ensure the January to December budget cycle.
He said, “There was a late request for some more expenditure from the executive arm of government and we want to ensure our committee produce a very clean document so they can’t present this report today.
“However, they (the committee) said the report will be ready by weekend.
“Consequently, the Senate will hold a special session on Monday 21st of December, just to consider and pass the budget 2021.
“This is in keeping with our legislative agenda of ensuring that annual budget has January to December cycle.”
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