Members of the Senate Chamber of the National Assembly have passed The Finance Bill, 2020 in Abuja.
This bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the Nigerian economy.
One of the bill’s objectives is to make available financial relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment, also, it includes reforming the commencement and cessation rules for small businesses.
This comes after the consideration of the report of the Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment, as well as Public Procurement by the lawmakers during plenary on Tuesday.
Senator Solomon Adeola, who represents Lagos West district, had moved that the Senate should receive and consider the above stated report.
Afterwards, he laid and presented the report before the lawmakers, thereafter, the Senate resolved into Committee of the Whole to consider the report.
After the Senate reported back to plenary, the Finance Bill, 2020 was read the third time and passed.
During Tuesday’s plenary, the Senate also adopted the recommendations of the Committee on Communications on the 2021 Nigerian Communications Commission (NCC) budget proposal.
Senator Oluremi Tinubu who represents Lagos Central senatorial made the presentation of the report.
She also presented the report of the Senate Committee on Communications on the 2021 Universal Service Provision Fund (USPF) budget proposal.
The recommendations of the committee were then adopted by the lawmakers.