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Senate passes new finance bill 2020

The bill was passed after Solomon Adeola, chairman of the finance committee, presented a report for the consideration of his colleagues.

The legislation is seeking to reduce import levy on buses, tractors and other motor vehicles.

On December 2, the bill passed first and second reading on the same day at the senate after the federal lawmakers gave it special consideration.

was hitherto limited to N10, 000.00 is now extended to N10, 000, 000.00,” he said.

“There is a new section 32 which provides that no tax shall apply to any trade or business transferred to a Nigerian company for the purposes of better organization of that trade or business.

“Section 4 of the Value Added Tax (VAT) act has been amended by increasing the value added tax payable by consumers from 5% to 7.5%. Section 19 increased the penalty payable by a taxable person for non-remittance within the specified period from 5% to 10%.”

The 2021 finance bill is amending the capital gains act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary trust fund act, customs and excise duties tariff; value added tax act; stamp duties act; and electronic transaction levy.

The bill 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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