Of Taxation, FIRS, Fowler and Other Matters


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W hen, in October, President Muhammadu Buhari presented to the National Assembly the Appropriation Bill for 2020, he submitted along with the budget proposal as it is known, a Fiscal Strategy or Finance Bill, 2019. The Minister of Finance, Budget and National Planning has since then spoken about the importance of the Finance Bill, to the growth of the Nigerian economy. The stated objective is to promote fiscal equity, address problems with the prevailing taxation order, and reform existing taxation laws in line with global best practices. The Bill contains changes to the Companies and Income Tax Act, Value Added Tax Act (which has been quite controversial), Personal Income Tax Act, Capital Gains Tax Act (CGTA), Customs and Excise Tariff (Consolidation) Act, Stamp Duties Act and Petroleum Profits Tax Act (PPTA). Overall, the Bill seeks to expand the government’s revenue base, strengthen the extant regulatory framework (??)…

Source: Thisday Newspaper