9jatalks states that the bill introduces a few tax and fiscal incentives aimed at empowering Nigerians, and further cushions the effects of the ongoing economic and financial challenges faced by citizens.
This online medium will be recalled earlier on Wednesday, when the Minister of Finance, Zainab Ahmed, announced after the bill had been approved by the Federal Executive Council (FEC) that there would be no rise in taxes and VAT.
Specifically, it gave some highlights of the bill to include:
1. Reduction in import duties/levy on tractors, and on motor vehicles for the transportation of goods and persons.
2. Exemption of small companies (with less than N25m turnover) from payment of education tax (TETFUND).
3. 50% reduction in minimum tax for companies; from 0.5% to 0.25% of gross turnover, for financial years ending between January 1st, 2020 and December 31st, 2021.
4. Formal establishment of a Crisis Intervention Fund for Nigeria, through an Act of the National Assembly.