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


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."


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


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Download Here Finance Act 2019 Awaiting Gazette


Download Here Finance Act 2019 Gazetted

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