The Senate has passed the Finance Bill 2020 sent to the National Assembly two weeks ago for consideration and passage by President Muhammadu Buhari.
The Bill was passed on Tuesday after the consideration of a report by the Senate Joint Committee on Finance; Customs; Excise & Tariff; Trade and Investment; and Public Procurement.
Olamilekan Solomon Adeola, the Senator representing Lagos West and Chairman of the senate joint committee, while presenting the report, said the finance bill 2020 seeks to amend 17 key finance Acts which include; Capital Gains Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act, Personal Income Tax Act, Tertiary Trust Fund Act, Customs and Excise Duties Tariff Act, Value Added Tax Act, Stamp Duties Act, and Electronic Transaction Levy Act.
In a letter dated November 25, President Muhammadu Buhari sent the bill to the Senate on grounds that its passage would support the implementation of the 2021 budget, as this would be achieved through strategic reforms on specific taxation, customs, excise, fiscal and other laws.
