The senate has passed the Finance Bill 2020 for second reading lass than 24 hours it was transmitted by the Executive.
Just like the finance bill 2019 the 2020 finance bill is expected to enhance revenue generation for the funding of the 2021 budget through the general review of Nigeria’s tax laws.
The laws the executive bill seeks to amend include the Capital gain tax, companies income tax, Personal income tax, Value added tax and fiscal responsibility Acts.
The passage of the proposed law will boost Small and medium scale enterprises through incentives.
The bill is to also intensify measures against Tax evasion through the upwards review of penalties for defaulters from 5 to 10 percent.
Four Bills passed First reading, this include the National Human rights commission Act repeal and re-enactment bill.