Senate Passes Finance Bill 2020

The Senate on Tuesday passed the Federal Government’s Finance Bill 2020 transmitted to the National Assembly two weeks ago for consideration and passage.

The approval of the bill was sequel to the consideration of a report by the Senate Joint Committee on Finance, Customs, Excise & Tariff, Trade and Investment, and Public Procurement.

Chairman of the Joint Committee, Senator Solomon Adeola, in his presentation said the Finance Bill 2020 specifically sought to amend 17 key areas.

They are: 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.

The President, in a letter dated 25th November, 2020, said it would support the implementation of the 2021 budget through key reforms to specific taxation, customs, excise, fiscal and other laws.