The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has lauded the attention, speed and commitment which the National Assembly has given the Finance Bill 2019 submitted by President Muhammadu Buhari.
The Finance Bill 2019, which has passed the second reading at the Senate, was presented to the Joint Session of the National Assembly precisely on 14 October 2019.
The President forwarded the Finance Bill 2019 for passage into law by the Senate pursuant to sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
The objectives of the Bill, as outlined by the President, are to strategically: “Promote fiscal equity by mitigating instances of regressive taxation; reform domestic tax laws to align with global best practices; introduce tax incentives for investments in infrastructure and capital markets; support small businesses in line with the ongoing Ease of Doing Business Reforms; and raise revenues for the Government by various fiscal measures, including a proposed increase in the rate of Value Added Tax (VAT) from 5% to 7.5%.”
According to SA Media and Communication to the Minister, Yunusa Tanko Abdullahi, Ahmed, in a chat with journalists on the Bill recently in Abuja said “Going forward, the annual budget will always be accompanied by finance bills to enable the realization of revenue projections.”