Senate Passes Finance Bill 2020

The Nigerian Senate has passed the Finance Bill 2020 transmitted to the National Assembly by President Muhammadu Buhari.

Naija News reports that the bill which was sent by Buhari two weeks ago exempts aircraft engines, spare parts, among others from Custom charges.

The passage of the Bill followed the consideration of a report by the Senate Joint Committee on Finance; Customs, Excise & Tariff; Trade and Investment and Public Procurement at plenary by the upper chamber.

In his presentation, Chairman of the Joint Committee, Senator Solomon Adeola (APC-Lagos West), said the Finance Bill 2020 specifically seeks to amend 17 key aspects of extant laws.

He named them as: 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; Value Added Tax Act; Stamp Duties Act; and Electronic Transaction Levy.

Other areas amended are: Federal Inland Revenue Service (Establishment) Act; Nigeria Export Processing Zone Authority Act; Oil and Gas Export Processing Zone Act; Crisis Intervention Fund; Unclaimed Funds Trust Fund; Companies and Allied Matters Act, 2020; Fiscal Responsibility Act; and Public Procurement Act.

Recall that Buhari had in a letter dated 25th November 2020 said the passage of the Finance Bill would support the implementation of the 2021 budget through key reforms in taxation, customs, excise, fiscal and other laws.