Ndubuisi Orji, Abuja
President Muhammadu Buhari, yesterday, transmitted the Finance Bill 2020 to the National Assembly.
The president, in a letter to Speaker of the House of Representatives, Femi Gbajabiamila said the Bill will support implementation of the 2021 budget.
The letter, which read at plenary, stated: “The Finance Bill, 2020 seeks to support the implementation of the 2021 Budget by proposing key reforms to specific taxation, customs, excise, fiscal and other laws.
“Adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges precipitated by the decline in international oil prices, as well as the impact of the COVID-19 Pandemic on the Nigerian economy,
“Reform extant Fiscal Policies to prioritise job creation, economic growth socio-economic development, domestic revenue mobilisation, as well as to foster closer coordination with monetary and trade policies;
“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment as well as reforming the commencement and cessation rules for small businesses
“Propose measures to fund the Federal Government’s COVID-19 Pandemic response and introduce provisions to enhance the recovery of corporate donations towards responses to the COVID 19 Pandemic, as well as any similar crises in the future: amend certain aspects of the Fiscal Responsibility Act, to align this Act with the 1999 Constitution (as amended) as well as to enhance fiscal efficiencies by controlling the cost-to-revenue ratios of key state and government-owned enterprises.”