{"id":1892,"date":"2019-11-21T00:00:00","date_gmt":"2019-11-21T00:00:00","guid":{"rendered":"https:\/\/placng.org\/i\/senate-passes-finance-bill-2019\/"},"modified":"2019-11-21T00:00:00","modified_gmt":"2019-11-21T00:00:00","slug":"senate-passes-finance-bill-2019","status":"publish","type":"post","link":"https:\/\/placng.org\/i\/senate-passes-finance-bill-2019\/","title":{"rendered":"Senate Passes Finance Bill, 2019"},"content":{"rendered":"\n

TheSenate at its plenary session\nof Thursday, 21 November 2019 passed the Finance Bill, 2019.  The said Bill seeks to amend seven (7)\nexisting tax and fiscal policy laws  (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> to\nreform Nigeria\u2019s tax system for enhanced implementation and effectiveness.  <\/p>\n\n\n\n

Presenting\nthe report on the Bill, Sen. Solomon Olamilekan Adeola (APC: Lagos), Chairman,\nCommittee on Finance, stated  that the\ninitiative  was undertaken by the Federal\nGovernment to  reform the tax system by modifying\nexisting laws  to create an  enabling business environment and reduce the\ntax burden for Micro, Small and Medium Enterprises (MSMEs).  His submissions also highlighted the\nobjectives of the amendments to include:<\/p>\n\n\n\n

  1. Promoting\nfiscal equity by mitigating instances of regressive taxation;<\/li>
  2. Reforming\ndomestic tax laws to align with global best practices;<\/li>
  3. Introducing\ntax incentives for investment in infrastructure and capital markets;<\/li>
  4. Supporting\nsmall businesses in line with on-going\u201d Ease of Doing Business Reforms”\nand;<\/li>
  5. Raising\nrevenues for the Government.<\/li><\/ol>\n\n\n\n

    Sen.\nAdeola further spoke on the procedures embarked by the Committee in the conduct\nof its legislative assignment such as its interactions with the Ministers of\nFinance, Budget and National Planning; and Comptroller of the Nigerian Customs.\nThe Committee had also requested for stakeholders\u2019 input on the Bill before\nconducting a Public Hearing on Tuesday, 19 November 2019 and had reviewed\nexisting legislation. <\/p>\n\n\n\n

    Sen. Adeola\nfurther explained that presentations made by stakeholders at the Public Hearing\nindicated that proposals in the Finance Bill focused on:<\/p>\n\n\n\n

    1. Curbing\nBase Erosion and Profit Sharing Shifting (BEPS) as proposed by the Organization\nfor Economic Cooperation and Development (OECD);<\/li>
    2. Addressing\nthe issue of taxation of industries as critical to the growth and development\nof Nigeria\u2019s economy;<\/li>
    3. Improving\nthe efficiency of Nigeria\u2019s Value Added Tax (VAT) system;<\/li>
    4. Expanding\nVAT coverage by addressing issues of taxation of digital economy, VAT\nregistration thresholds and intangible;<\/li>
    5. Subjecting\ncertain imported goods to excise duties in similar manner with locally\nmanufactured products;<\/li>
    6. Providing\nclarity and efficiency in the administration of individual income taxes in\nNigeria;<\/li>
    7. Preventing\nthe misapplication of provisions of various tax and fiscal laws;<\/li>
    8. Increasing\nrevenue generation from Electronic Stamp Duties; and<\/li>
    9. Improving\nrevenue by removing the tax exemption granted for dividends or incomes received\nfrom companies under the Petroleum Profits Tax Act, 2007;<\/li><\/ol>\n\n\n\n

      It\nwould be recalled that the Senate at its sitting of Wednesday, 6 November 2019\nreferred the said Bill to the Committee on Finance for further legislative\nscrutiny.<\/p>\n","protected":false},"excerpt":{"rendered":"

      TheSenate at its plenary session of Thursday, 21 November 2019 passed the Finance Bill, 2019.  The said Bill seeks to amend seven (7) existing tax and fiscal policy laws  (Companies Income Tax Act, 2004; Value Added Tax Act, 2007; Customs and Excise Tariff (Consolidation) Act, 2004; Personal Income Tax Act, 2007; Capital Gains Tax Act, […]<\/p>\n","protected":false},"author":2,"featured_media":1878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2019\/12\/senate-confirms-all-43-ministerial-nominees-300x156.png","coauthors":[],"tax_additional":{"categories":{"linked":["News<\/a>"],"unlinked":["News<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 6 years ago","modified":"Updated 6 years ago"},"absolute_dates":{"created":"Posted on November 21, 2019","modified":"Updated on November 21, 2019"},"absolute_dates_time":{"created":"Posted on November 21, 2019 12:00 am","modified":"Updated on November 21, 2019 12:00 am"},"featured_img_caption":"Senate Set to Commence Review of Constitution Alteration Bills","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1892"}],"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=1892"}],"version-history":[{"count":0,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/1878"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=1892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=1892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=1892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}