Senate has passed for second reading the Finance Bill 2020 preparatory for aggressive revenue drive for the implementation of N13.08trillion 2021 budget received from President Muhammadu Buhari.
Consideration of the bill, also known as a
Bill for an Act to amend the Capital Gains Tax Act, Companies Income Tax, Personal Income Tax, Tertiary Education Trust Fund Establishment Act, among others, followed the presentation of the lead debate at plenary by Senate Leader, Senator Abdullahi Yahaya (APC Kebbi).
Leading debate on the general principles of the bill, Senator Yahaya said its objectives, among others, seek to reform extant fiscal policies to respond to the economic and revenue challenges caused by decline in international oil prices and COVID-19 pandemic.
He said the bill also seeks to reform extant fiscal policies to prioritise job creation, economic growth, socio-economic development, domestic revenue mobilisation to foster closer coordination with monetary and trade policies.
Senator Yahaya said the bill also seeks to provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment and also reform commencement and cessation rules for small businesses.
He said the bill seeks to provide a boost to small and medium scale enterprises by reducing their tax burden.
The Senate Leader said the bill also seeks to replace existing tax incentives with more targeted incentives to stimulate economic activities in capita market and infrastructure sectors.
According to him, if Nigerian government was determined to generate sufficient revenue to finance its numerous projects steps taken should include devising ingenious means of expanding the tax base and collection of tax effectively.
Contributing, Senator Smart Adeyemi (APC Kogi West) said government must find a way of recovering funds illicitly acquired and stashed in some banks to support the revenue drive of the country.
Senator Gabriel Suswan (PDP Benue North East) said there was need to amend the Fiscal Responsibility Act to take care of the deficit ratio in the budget.
In his own, Senator Adamu Alero (APC Kebbi Central) called for a more friendly ports to allow growth of business in the country.
On his part, Senator Ike Ekweremadu (PDP Enugu West) appealed for cauction on deliberations and passing of the Finance Bill.
He said decision reached on passing the bill must not be inimical to the interest of the people.
Senator Yusuf Abubakar Yusuf (APC Taraba Central) advocated the use of tax reform as a means of diversification of the economy and promotion of the local industry.
Other senators who contributed toward passing of the bill for second reading are Senator Mathew Urhoghide (PDP Edo South), Solomon Adeola (APC Lagos West), among others.
- Date of commencement of Ramadan fasting confirmed in Australia
- “You’re a mistake” Princess Shyngle announces her marriage to her “best friend” of 10 years is over after a few weeks
- Photos from the white wedding of comedian Arole
- Idea that Bello should not run for the Presidency is absurd– Fani-Kayode
- Resident doctors suspend strike for one month
- Princes William and Harry to walk behind Philip’s coffin, Maghan Markle to miss funeral
- We’re improving healthcare delivery in UCTH, says CMD
- Collective responsibility needed in fight against poverty- Sen. Okorocha
- CONUA rebuffs ASUU’s reconciliation move
- Buhari condoles with Gov. Buni over grandmother’s death
- Politics2 years ago
Breaking…Kwara assembly suspends 16 LGs chairmen
- News1 year ago
Army approves cigarettes allowance, N20,000 salary increment for soldiers
- Metro1 year ago
BREAKING…. Kwara govt announces total lockdown in Offa
- Education1 year ago
UNILORIN education faculty emerges best in Nigeria
- Politics1 year ago
Gbemi Saraki finally breaks silence, changes political slogan
- Politics1 year ago
Breaking… Kwara governor appoints Yinka Aluko S A Special Duties
- News2 years ago
Sokoto assembly confirms Gov Tambuwal’s 26 comissioner nominees
- Politics2 years ago
Breaking…GOV. ABDULRAZAQ APPOINTS COMMITTEE ON REVIEW OF SALES OF GOVT PROPERTY (See full names)