The coming Finance Act appears to be a bold move by the Federal Government to redefine how it goes about generating more revenue by re-engineering the nation’s tax laws. Assistant Editor NDUKA CHIEJINA reports
THE National Assembly has considered and passed the Finance Bill 2019 submitted by President Muhammadu Buhari on October 14.
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 per cent to 7.5 per cent.”
Minister of Finance, Budget and National Planning Mrs. Zainab Shamsuna-Ahmed had revealed that “going forward,…