Buhari Transmits Finance Bill 2019 To The Senate

President Muhammadu Buhari has transmitted the Finance Bill 2019 to the Senate for consideration.

Buhari revealed this in a letter sent to the leadership of the Senate on Tuesday.

He noted that the bill seeks to enact fiscal measures supporting the 2020 budget is in pursuant to section 58 and 59 of the 1999 constitution as amended.

The Finance bill 2019 proposes incremental, but necessary changes to Nigeria taxes and fiscal laws to ensure optimal funding of 2020 budget.

Buhari stressed that the finance bill has five strategic objectives to include, promotion of fiscal equity by mitigating instances of regressive taxation and reforming domestic tax laws to align with global best practice.

Adding that, the bill was meant to introduce incentives for investment in infrastructure and capital market.

Buhari also stressed that the bill would also help support micro, small and medium size businesses in line with the ease of doing business reforms and raising revenues for government.

According to him, the finance bill proposes an increase in the Value added Tax (VAT) rate from 5 per cent to 7.5 per cent.

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