President Buhari Seeks Changes To Finance Bill, To Reflect Policy Incentives For Agriculture

Proshare

Tuesday, March 10, 2020 /03:42 PM / By Queen Esther Iroanusi  of Premium Times / Header Image Credit: Vanguard

 

President Muhammadu Buhari has written to the Senate seeking amendments to the Finance Act recently passed by the National Assembly.

 

His message was conveyed in a letter read out by the Senate President, Ahmad Lawan, at the start of plenary on Tuesday.

 

One of the amendments sought by the president is that the new law should take effect from February 1.

 

Except where lawmakers expressly state in their proposal, new laws usually come into effect as they are signed by the president.

 

The Senate passed the Finance Bill in November 2019 and it was signed into law by the president on January 13.

 

It is not clear why the president wants the date of implementation for the new legislation to change.

 

The president's letter reads:

 

"Pursuant to Sections 58 and 59 of Constitution of the Federal Republic of Nigeria 1999 (as amended), l formally request that the Finance Act, 2019 (Amendment) Bill be considered by the Senate for passage into law.

 

"This bill seeks to amend the Finance Act, 2019 recently passed by the National Assembly.

 

"That the administrative effective date for the increase in Value Added Tax from 5% to 7.5% is the 1st of February 2020;

 

"(ii) That 'Animal Feeds' are included in the list of Basic Food Items that are exempt from Value Added Tax; and

 

"(iii) Aspects of the tax holiday incentive for agriculture by targeting this incentive to small and medium sized companies that invest in primary crop, livestock, forestry and fishing agricultural production. This incentive is also to be administered by Nigerian Investment Promotion Commission pursuant to the Industrial Development (Income Tax Relief) Act.

 

The lawmakers are expected to commence legislative action on the request on another legislative day.

 

"While I trust that this Bill will be favourably considered for passage Into law by the National Assembly to as to support the implementation of the 2020 federal budget, please accept, Distinguished Senate President, the assurance of my highest consideration."


Credit:

The post Buhari writes Senate, wants implementation date for 7.5% VAT changed first appeared in Premium Times on March 10, 2020

 

Proshare Nigeria Pvt. Ltd.


Download Here Finance Act 2019 Awaiting Gazette

 

Download Here Finance Act 2019 Gazetted


Related News - Finance Act 2020

  1. 10th Detail Business Series Examines Impact Of Finance Act On Nigeria's Economy
  2. 10th DETAIL Business Series To Discuss "FINANCE ACT 2019: Impact On Business In Nigeria"
  3. Finance Act 2019 Published In The Gazette With A Commencement Date of January 13, 2020
  4. 7.5% VAT Implementation In Nigeria To Commence February 1, 2020 - Finance Minister
  5. 2020 Fiscal Act Comes With Plenty of Goodies but Also Some Baggage
  6. Finance Bill Signing, Budget Implementation Key To Deepening Capital - Oscar Onyema
  7. Will the FG Tax Reforms Support Revenues in 2020?
  8. President Buhari Signs Finance Bill, 2019
  9. Nigeria's Finance Bill 2019 Key Changes and Implications
  10. Finance Bill 2019 Compels Individuals to Produce Their TIN Before Operating Bank Accounts
  11. House of Representatives Passes Finance Bill, 2019
  12. Finance Bill 2019: Tax Implications for Nigerian Entities
  13. Senate Passes Finance Bill, 2019
  14. 2019 Finance Bill: 20 Sweeping Changes To Nigeria's Tax Laws That May Affect You
  15. The Key Changes In The 2019 Finance Bill - Focus on Taxation

 

Proshare Nigeria Pvt. Ltd.


Related News - Taxes and Tariffs

  1. Driving Tax Revenue Growth
  2. Base Erosion and Profit Shifting: Notes on Implementation in Nigeria
  3. Coronation Merchant Bank Appointed Customs Revenue Collecting Bank by the Nigeria Customs Service
  4. Ecobank Nigeria appealing Tribunal Judgment on disputed FIRS Tax Liability
  5. Nigeria Grapples with Formidable Tax Collection Challenge
  6. Is A Lien Placed By FIRS On A Taxpayer's Bank Account A Valid Encumbrance Against Garnishee Order?
  7. OECD Publishes Transfer Pricing Guidance on Financial Transactions
  8. Deadline for Filing of Annual Employers Tax Returns (Form H1)
  9. Oil Marketers Kick Against N50 Stamp Duty
  10. Major Tax Events That Shaped 2019 and What To Expect In 2020
  11. FIRS Offers One-Month Window To Ease TCC Issuance
  12. Thoughts on The FIRS Chairman's End of Year Letter To Staffers
  13. Merchants Prohibited From Assessing Any Duty or Costs Characterised As Stamp Duty On Consumers
  14. Fowler's Fouls: What Tunde Fowler Did Wrong at FIRS
  15. Countdown to Country-by-Country Reporting Filing Deadline for Companies With 31 December Year-end
  16. FIRS Gives 7-Day Notice To Tax Defaulters; To Commence Nationwide Enforcement
  17. Validity of Consumption Taxes Imposed by State Governments in Nigeria
  18. Reminder to File Country-By-Country Reporting Notification
  19. Double Tax Treaty (DTT) In Nigeria - FIRS Clarifies the Rules for Claiming Treaty Benefit
  20. TAT Clarifies The Basis For Computing Interest On Tax Liabilities
  21. ''Illegal'' Taxes: Our Road to Redemption?
  22. Nigeria's Finance Bill 2019 Key Changes and Implications
  23. Why Nigeria Needs To Improve Its Ease of Tax Payments

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP