The 2020 finance bill has been passed on the floor of the Nigerian senate.
The bill which seeks to reduce import levy on buses, tractors
and other motor vehicles, was passed after Solomon Adeola, chairman of the
finance committee presented a report for the consideration by his colleagues.
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.
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.
The bill which was transmitted to the Senate by President Muhammadu
Buhari in November, was approved after the senators considered its clauses.
The house of representatives will have to concur before it is
sent to the president for assent.
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