{"id":11992,"date":"2020-03-11T19:20:21","date_gmt":"2020-03-11T18:20:21","guid":{"rendered":"https:\/\/placng.org\/i\/?p=11992"},"modified":"2020-03-11T19:20:21","modified_gmt":"2020-03-11T18:20:21","slug":"the-finance-act-amendment-bill-2020-scales-second-reading-in-the-senate","status":"publish","type":"post","link":"https:\/\/placng.org\/i\/the-finance-act-amendment-bill-2020-scales-second-reading-in-the-senate\/","title":{"rendered":"The Finance Act (Amendment) Bill, 2020 Scales Second Reading in the Senate"},"content":{"rendered":"\n<p>The Senate at its plenary session of Wednesday, 11 March 2020 passed for second reading the Finance Act (Amendment) Bill, 2020 which seeks to amend certain tax provisions and other tax statutes in line with the Principal Act.<\/p>\n\n\n\n<p>Leading the debate on the Bill, the Leader of the Senate, Sen. Yahaya\nAbdullahi (APC: Kebbi) mentioned the highlights of the Bill to include:<\/p>\n\n\n\n<ul><li>Amendment to section 23 of the\nCompanies Income Tax Act pursuant to section 9 of the Finance Act, 2019 to clarify\nnewly introduced tax incentives for Agricultural production, which ordinarily\nshould have fallen under the Industrial Development (Income Tax Relief) Act for\nadministrative reasons.<\/li><li>Clarifying the effective date for\nthe commencement of the increase in Value Added Tax (VAT) from 5% to 7.5%.<\/li><li>Clarifications regarding the\ndefinition of \u201cBasic Food Items\u201d exempted from Value Added Tax.<\/li><li>An Amendment to sections 1 and 25\nof the Industrial Development (Income Tax Relief) Act clarify newly introduced\ntax incentives for Agricultural production.<\/li><\/ul>\n\n\n\n<p>Sen. Abdullahi then canvassed for the Bill passage noting that the Bill,\nif passed, will address the economic and social needs of Nigeria. <\/p>\n\n\n\n<p>It would be recalled that President Muhammadu Buhari in a letter read by\nthe President of the Senate, Sen. Ahmad Lawan (APC: Yobe) at the plenary\nsession of Tuesday, 10 March 2020 forwarded the Finance Act (Amendment) Bill\nfor Senate\u2019s consideration and passage. A similar Bill amending the Finance Act\nhas been presented in the House of Representatives.<\/p>\n\n\n\n<p>The Finance Act , 2019&nbsp; which amended seven (7) existing tax and\nfiscal policy laws&nbsp; (<strong><em>Companies\nIncome Tax Act, 2004; Value Added Tax Act, 2007; Customs and Excise Tariff\n(Consolidation) Act, 2004; Personal Income Tax Act, 2007; Capital Gains Tax\nAct, 2007; Stamp Duties Act, 2007; and Petroleum Profit Tax Act, 2004)<\/em><\/strong> &nbsp;was passed by\nthe Senate on Thursday, 21 November 2019 and eventually signed into law by\nPresident Muhammadu Buhari on 13 January 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Senate at its plenary session of Wednesday, 11 March 2020 passed for second reading the Finance Act (Amendment) Bill, 2020 which seeks to amend certain tax provisions and other tax statutes in line with the Principal Act. Leading the debate on the Bill, the Leader of the Senate, Sen. Yahaya Abdullahi (APC: Kebbi) mentioned [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[74],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2020\/03\/finance-300x168.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/placng.org\/i\/category\/news\/\" class=\"advgb-post-tax-term\">News<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">News<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/placng.org\/i\/category\/news\/\" class=\"advgb-post-tax-term\">The Finance Act (Amendment) Bill<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">The Finance Act (Amendment) Bill<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 6 years ago","modified":"Updated 6 years ago"},"absolute_dates":{"created":"Posted on March 11, 2020","modified":"Updated on March 11, 2020"},"absolute_dates_time":{"created":"Posted on March 11, 2020 7:20 pm","modified":"Updated on March 11, 2020 7:20 pm"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/11992"}],"collection":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/comments?post=11992"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/11992\/revisions"}],"predecessor-version":[{"id":11994,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/11992\/revisions\/11994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/11993"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=11992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=11992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=11992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}