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Following approval by the Federal Executive Council, the #FinanceBill2020 that seeks to provide more tax incentives for Nigerian businesses & individuals was yesterday formally presented to State governors at a National Economic Council Meeting presided over by VP @ProfOsinbajo.
Some highlights of the proposed bill which is now headed to the National Assembly include:
1. Reduction in duties on tractors from 35 to 10 per cent
2. Reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent.
1. Reduction in duties on tractors from 35 to 10 per cent
2. Reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent.
3. Reduction of levy on motor vehicles for the transportation of persons (cars) from 35 per cent to 5 per cent.
4. Exemption of small companies from payment of education tax under the Tertiary Education Trust fund (TETFUND) - companies with less than N25m turnover are eligible
4. Exemption of small companies from payment of education tax under the Tertiary Education Trust fund (TETFUND) - companies with less than N25m turnover are eligible
Join the Virtual Public Consultation on the 2020 Finance Bill, by the Hon. Minister of @FinMinNigeria, @ZShamsuna, this morning at 9am. zoom.us/webinar/regist… #FinanceBill2020
The #FinanceBill2020 will accompany and support the 2021 Federal Budget.
