By Henry Umoru
THE Senate has given an insight into the Finance Bill 2019 as introduced by the Executive, saying that it is not only about the increase in Value Added Tax, VAT.
Speaking on the Finance which is slated for Public hearing having scaled first reading, Chairman, Senate Committee on Finance, Senator Solomon Adeola, All Progressives Congress, APC, Lagos West, said that contrary to popular sentiment about the executive Finance Bill 2019 being about increase in Value Added Tax, the bill is a composite bill seeking amendment in seven Acts of the National Assembly with removal of taxes for some sectors in the economy.
According to Senator Adeola, the bill is targeted at reforming the country’s tax regime and would involve amendments of seven Acts of the Parliament namely; Petroleum Profit Tax, Custom and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and Capital Gain Tax.
He said,…
Source: Vanguard Newspaper
