Discover and read the best of Twitter Threads about #FinanceBill

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On this #AprilFoolsDay, recounting some instances from #Parliament which had us fooled in the last one year:

1. Delaying discussing #FinanceBill for almost a week and then passing it without discussion in #LokSabha, because #Parliament had to be shut due to #COVID outbreak
2. On last day of curtailed #BdgetSession in #RajyaSabha, 7 Money Bills were returned in 5 hours, with 2 Appropriation Bills and all 154 clauses and 5 schedules of Finance Bill put to vote together without any discussion and cleared in 5 minutes

#AprilFoolsDay
3. Sending #DataProtection Bill to specially constituted Joint Parliament Committee headed by a BJP MP instead of already existing Standing Committee headed by an Opposition MP

#AprilFoolsDay instances from #Parliament
Read 9 tweets
So the Finance Bill is out and I heard some people ask how it affects price of rice 😂. Lemme try and explain Sha

So first things first, what's the Finance Bill about?

A thread!
The Finance bill is a legislation aimed at curing the deficiencies of the current tax system. The idea is to promote fiscal equity & improve tax reforms, increase government revenue and bring more people into the tax net. This should improve the ease of doing business in Nigeria.
Also, another major objective of the bill is to make life easy for MSMEs (ease of doing business).

So, the first, probably major reform, applies to Company Income Tax. The major changes includes the following:
Read 25 tweets
In case you missed my #FinanceBill discussion yesterday on @NigeriainfoFM with @wemimospot and @SheriffQuadry, this thread gives you a quick overview of the session.
The Nigeria Tax and Fiscal Law (amendment) Bill popularly known as the Finance Bill is the first of its kind in Nigeria since 1999.
It contains 56 sections seeking to make about 98 amendments to 7 different tax laws - CITA, PPTA, PITA, CGTA, VATA, CETA, and SDA
Read 22 tweets
It does appear Kenya’s backed itself into an interesting legal tight spot, on this issue of the VAT exemption on petroleum products coming to an end. This thread will explain why.
First, the background, to bring you up to speed.
When Kenya wrote a new law on Value Added Tax, back in 2013, MPs put in a 3- year long exemption for VAT on petroleum products. That covered everything from the gas you use to cook, to the V-Power Evo & Scooby drivers love so much, to the diesel matatus choke on.
Read 17 tweets

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