House to Consider Finance Bill Tomorrow
The House of Representatives has revealed that the Finance Bill would be laid on the floor of the House tomorrow for consideration.
It also said the bill would determine the federal government’s ability to fund the 2020 budget.
Speaking yesterday at the public hearing of Nigeria Tax and Fiscal Law amendment Bill (the Finance Bill), 2019, the Speaker, Femi Gbajabiamila, said the bill is an important piece of legislation, deserving of thorough consideration and logical debate by the parliament, which is for the best interests of the people.
Gbajabiamila, who was represented by the Deputy Majority Leader, Peter Akpatason, said they have a responsibility as legislators to meticulously review and examine every aspect of the bill to ensure that they produce a legislative document that is clear in its objectives, thoughtful in the mandates it imposes and reflective of the best aspirations of all the citizens.
He added that the public hearing moved the House closer to such laudable objective by providing an opportunity for citizens and legislators to jointly consider the contents of the bill.
According to the Speaker, “The Tax and Fiscal Law (Amendment) Bill, which we have gathered here to consider and to contribute to, will determine among other things, our ability as a country to fund the 2020 budget; meet the obligations of government and implement policies to build infrastructure, tackle insecurity, grow the economy, and provide jobs that pay a living wage as well as lift families out of poverty.”
Gbajabiamila said it was expected that over the course of the public hearing, citizens would advance ideas and make recommendations that would improve the quality of the legislation and ensure that varied interests and considerations of all Nigerians are taken into consideration before final enactment into law of this essential legislation.
Earlier, the Chairman of House Committee on Finance, Hon. James Faleke, said the highlights of the bill among others, included excess dividend tax to apply only to untaxed distributions other than the profits specially exempted from tax and franked investment income and small businesses with turnover less than N25 million to be exempted from Companies Income Tax (CIT).