The Senate has passed the 2019 Finance Bill which seeks an amendment of Nigeria’s tax laws.
The passage of the Bill was sequel to the consideration of the Finance Committee’s Report.
Chairman of the Committee, Senator Olamilekan Adeola, says the Bill seeks to make Nigeria’s tax provisions more responsive to government’s tax policies.
The Finance Bill when amended, would promote fiscal equity by mitigating instances of regressive taxation, as well as introduce tax incentives for investment in infrastructure and capital markets.
When signed into law by the President, the bill will also support small businesses in line with the on-going “Ease of Doing Business Reforms” and raise revenues for the Government.
The Acts amended in the Finance Bill are the Companies Income Tax Act,Value Added Tax Act and Customs and Excise Tariff .
Others include Personal Income Tax , Capital Gains Tax ,Stamp Duties Act and the Petroleum Profit Tax Act .