Browsing: Finance Bill

The House also raised the total estimates of the Federal Government’s budget from the proposed N16.39 trillion to over N17 trillion.

Also, the bill when passed into would also prohibit anyone without Tax Identification Number from opening bank account in account.

The bill, which was sponsored by the Senate Leader, Yahaya Abdullahi (APC-Kebbi North), scaled second reading after consideration and referred by the Senate President, Ahmad Lawan, to the Committees on Finance; Customs; Trade and Investment; and Public Procurement for further legislative work.

The break down was released by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, on Sunday in Abuja.

The Auditor General of the Federation, Ahmed Idris, had earlier in the week said the implementation of the VAT increase had commenced.

Dr Titus Okunrounmu, a financial expert has commended President Muhammadu Buhari for signing the 2020 Finance Bill into Law.

This is sequel to its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.

President Muhammadu Buhari says the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to raise the country’s Value Added Tax from 5 to 7.5 per cent.