President Buhari has directed the FIRS and other related government agencies to ensure strict compliance of tax payments by foreign companies.
The Finance Bill, when signed into law, will have varying effects on individuals, businesses and organisations in Nigeria.
A planned exemption of minimum wage earners from paying personal income tax is contained in the Finance Bill.
Speaker Gbajabiamila has stated that the Finance Bill is critical to the success of the 2021 budget, as he promises speedy passage.
The FG is proposing granting of tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID).
The charges accrued between February 1st and April 30th, due to ommissions by the tier-1 bank.
President Muhammadu Buhari now wants the Finance Bill to become an annual act passed to support the Federal Government’s budget.
FG made N1.1 trillion from VAT in twelve months, an amount lower than the projected N1.7 trillion, which the Federal Government set in the 2019 budget.
Zainab Ahmed disclosed that the new tax reforms as contained in the Finance Bill would help FG achieve its 2020 revenue estimate of N8.16 trillion.
The Presidency and the Ministry of Finance have sparked confusion about the implementation date of the newly signed Finance Bill.