The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has lauded the National Assembly for speedy consideration of the Finance Bill presented by President Muhammadu Buhari .
In a statement issued in Abuja, the minister said that the attention, commitment and speedy consideration given to the bill by the national assembly was commendable.
The minister gave the assurance that, going forward, annual budgets would always be accompanied by finance bills to enable the realisation of revenue projections.
“Future finance bills will provide us with additional opportunities to incrementally improve the fiscal policy and regulatory as well as legal environment in order to further strengthen our domestic capital market.
“This will ultimately ensure sustained and inclusive growth and development,” she stated.
The minister noted that the bill, when enacted, would support the implementation of the 2020 Appropriation Act and encourage growth and investment.
The Finance Bill 2019 presented to the Joint Session of the National Assembly on Oct.4 October has passed the second reading at the Senate,
The President forwarded the bill for passage into law by the Senate pursuant to sections 58 and 59 of the 1999 Constitution.
The Bill, as outlined by the President, has the objective of promoting fiscal equity by mitigating instances of regressive taxation.
It is also designed to reform domestic tax laws to align with global best practices and to introduce tax incentives for investments in infrastructure and capital markets.
The bill, when passed into law will also promote small scale businesses in line with the ongoing Ease of Doing Business Reforms.
It will also raise revenues for the Government by various fiscal measures, including a proposed increase in the rate of Value Added Tax (VAT) from five per cent to 7.5 per cent.