Finance Bill threatened by delay in PIB, CAMA, ISA


By Nkiruka Nnorom

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The non-passage of Petroleum Industry Bill (PIB), Companies and Allied Matters Act (CAMA) bill and the Investment and Securities Act (ISA) bill  by the National Assembly may hinder the effectiveness of the recently passed Finance Act.

This, among others, formed part of the views of participants at the Securities and Exchange Commission (SEC) yearly budget seminar held in Lagos yesterday.

However, they agreed that the Finance Act is the most significant finance policy of the government since 1999 and has addressed various issues in about 100 amendments such as securities lending, Real Estate Investment Trusts (REITs), stamp duties and removal of taxation from holding companies.

They, nonetheless, said that a number of legislations are still required to support its effectiveness and functionality.

The participants, therefore, recommended reduction in the rate of Companies Income Tax from 30 percent and removal of withholding tax from…

Source: Vanguard Newspaper