House of Reps pass 2020 Finance Bill for second reading

The House of Representatives, on Thursday, passed for second reading, the Finance Bill 2020.

It is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust Fund (Establishment) Act, Customs and Excise Tariff, Etc. (Consolidated) Act, Value Added Tax Act, Federal Inland Revenue Services (Establishment) Act, Nigerian Export Processing Zone Act, Oil and Gas Export Free Zone Act, Fiscal Responsibility Act, Companies and Allied Matters Act 2020, and the Public Procurement Act.’

President Muhammadu Buhari had transmitted Finance Bill 2020 to the National Assembly for consideration and passage along with the 2021 Appropriation Bill presently before the parliament.

Both President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, had read Buhari’s letter on December 1.

The Majority Leader, Alhassan Ado-Doguwa, who led the debate on the executive bill, said in part, “Like you have all seen, this is a bill that intends to actually bring us up to date. Nigeria’s economy is under the challenging situation. We need to revisit and review some of our legal frameworks especially with respect to our financial management. Doing what we are doing today will definitely provide economic windows for the country and economic development.”

Seconding motion for the second reading of the bill, Lynda Ikpeazu also said, “There are no new taxes, it is all to encourage ease of doing business in Nigeria and we all know how the economy is right now. So, we all need all the assistance that we can give so that we can have more investments, so we can have more people do business and create employment.”

The Speaker, also on Thursday, set up a conference committee to harmonise versions of the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper passed the Senate and the House.

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