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Senate Passes 2020 Finance Bill

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The Senate has passed the Finance Bill 2020 which was transmitted to the National Assembly two weeks ago for consideration and passage.

The executive bill was passed after the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment; and Public Procurement.

The Chairman of the Joint Committee, Senator Olamilekan Solomon Adeola (APC – Lagos West), in his presentation said the Finance Bill 2020 specifically seeks to amend 17 key areas.

They are: 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.

Other areas amended are: Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Authority Act; Oil and Gas Export Processing Zone Act; Crisis Intervention Fund; Unclaimed Funds Trust Fund; Companies and Allied Matters Act, 2020; Fiscal Responsibility Act; and Public Procurement Act.

President Muhammadu Buhari had in a letter dated 25th November, 2020, which accompanied the Finance Bill during transmission, said its passage would support the implementation of the 2021 budget through key reforms to specific taxation, customs, excise, fiscal and other laws.

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