The House of Representatives, on Thursday, passed for second reading, the Finance Bill 2020.
It is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian 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.’
The President, Major General Muhammadu Buhari (retd.), had transmitted Finance Bill 2020 to the National Assembly for consideration and passage along with the 2021 Appropriation Bill presently before the parliament.
Both President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, had read Buhari’s letter on December 1.
The Majority Leader, Alhassan Ado-Doguwa, who led the debate on the executive bill, said in part, “Like you have all seen, this is a bill that intends to actually bring us up to date. Nigeria’s economy is under the challenging situation. We need to revisit and review some of our legal frameworks especially with respect to our financial management. Doing what we are doing today will definitely provide economic windows for the country and economic development.”