Senate passes finance bill 2020

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.