HighlightNews From MDA'STop StoryTrending Story

Nigeria’s Federal Executive Council approves 2020 Finance Bill for 2021 budget

543

 

The 24th Virtual Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday approved the 2020 Finance Bill

The Minister Finance, Budget and National Planning, Mrs Zainab Ahmed, who briefed State House correspondents, explained that the 2020 Finance Bill would bolster up the 2021 budget.

According to her, it is designed to engender incremental changes in the nation’s tax laws.

It will now be transmitted to the National Assembly for its consideration and passage into law, she said.

Ahmed assured that the passage of the bill into law will not lead to increase in taxes in the country.

“The bill is to ensure improvements in the tax laws while also reducing some taxes especially for small and medium enterprises.’’

The minister also said some taxes had already been reduced, pointing out: “In the last Finance Bill 2019, we reduced taxes from 30 percent to 20 percent for enterprises that have turnover of between N25 million  to N100 million.

“This is not the time to increase taxes.’’

 

 

Leave a comment

Related Articles

Angolan President João Lourenço Takes Helm as African Union Chairperson

Angolan President João Lourenço has been elected as the new chairperson of...

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

Anambra accident: Cement-laden truck crashes into building, leaving five dead, others injured

A tragic accident occurred at the Area Command Bus Stop in Nnewi,...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Just in: Afenifere leader, 96-year-old Ayo Adebanjo exits

Pa Ayo Adebanjo, leader of Afenifere, a pan-Yoruba socio-cultural organization, has died...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

FG Launches ‘Power Rangers’ to Protect Power Installations

Nigeria’s Minister of Interior Olubunmi Tunji-Ojo has announced the inauguration of a...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...