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.
Zainab Ahmed said the increased 7.5 value-added tax (VAT) is for the good of Nigerians and will help with the 2020 Budget. #AHMED
Yesterday, President Muhammadu Buhari signed the Finance Bill into law, hoping it would support the implementation of the 2020 budget.
The organized private sector and other stakeholders have warned FG against endangering the productivity of Nigerians with the new Finance Bill.
Nigerians are not happy that President Buhari signed the Finance Bill yesterday.
The new Finance Bill will ensure the exemption of small businesses with an annual turnover of less than N25 million from Company Income Tax.