The Senate has passed the finance bill, 2020 after it scaled through third reading. The entire process of the passage of the legislation was done in two weeks.
Techeconomy.ng obtained this from a statement released by the upper chamber via its official Twitter handle.
This medium understands that the bill seeks to amend 12 Acts which include the Capital Gains Tax Act; Companies Income Tax Act (CITA); Personal Income Tax Act; Tertiary Education Trust Fund (Establishment) Act; Customs and Excise Tariff, etc (Consolidated) Act and the Value Added Tax.
One of the objectives of the bill is to provide financial 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.
This followed the consideration of the report of the Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment, as well as Public Procurement by the lawmakers during plenary on Tuesday.
Senator Solomon Adeola, who represents Lagos West district, had moved that the Senate should receive and consider the report.
Adeola laid and presented the report before the lawmakers, after which the Senate resolved into Committee of the Whole to consider the report.
During Tuesday’s plenary, the Senate also adopted the recommendations of the Committee on Communications on the 2021 Nigerian Communications Commission (NCC) budget proposal.
This followed the presentation of the report by Senator Oluremi Tinubu who represents Lagos Central senatorial.
Senator Tinubu also presented the report of the Senate Committee on Communications on the 2021 Universal Service Provision Fund (USPF) budget proposal. The recommendations of the committee were thereafter adopted by the lawmakers.