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Business

FG to slash import duties on tractors, buses, others in 2020 Finance Bill

FG has proposed to slash import duties of tractors, transport vehicles, and others to further cushion current socio-economic conditions.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

The Federal Government has proposed to slash import duties of tractors, transport vehicles, and others to further cushion current socio-economic conditions in the country.

This was disclosed by the media aide of Vice President Yemi Osinbajo, Laolu Akande, on Wednesday via his Twitter handle.

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He tweeted:

“President Muhammadu Buhari’s administration is proposing more tax incentives in the 2020 Finance Bill including import duty reductions from 35 to 10% & 0% levies on tractors, transport vehicles & co, 50% reduction of minimum tax, specific TETFUND exemption.

“There would also be tax relief for contributions to the COVID-19 Relief Fund, while retirees’ compensation exemption threshold is to be raised from N10,000 to N10million & software acquisition would now qualify as capital expenditure allowing for tax recovery of same. Expect more.”

READ: FG rejects calls for tax reduction, offers tax relief for donors to intervention funds

Earlier on Wednesday, Nairametrics had reported that the Federal Government had approved the 2020 Finance Bill to support the 2021 Budget, saying that it had no plans to increase the tax burden on Nigerians.

The decision was taken at a meeting of the Federal Executive Council (FEC), which was presided over by President Muhammadu Buhari.

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According to tweet posts from the Federal Ministry of Finance, Budget and National Planning on its official Twitter handle, the disclosure was made by the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday, November 18, 2020, while briefing State House correspondents on the outcome of the FEC meeting.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

2 Comments

2 Comments

  1. Ohis

    November 20, 2020 at 7:52 pm

    Please does the exemption include Toyota Sienna for transportation

  2. Dayo

    November 24, 2020 at 1:52 pm

    When do we expect the slash in import duties to take effect?

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