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Senate Passes 2020 Finance Bill For First, Second Readings Same Day - Politics - Nairaland

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Senate Passes 2020 Finance Bill For First, Second Readings Same Day by FARA4GA: 3:26pm On Dec 03, 2020

https://www.youtube.com/watch?v=Qqdu3GprIBo



THE 2020 Finance Bill seeking to reduce import levy on buses, tractors and other motor vehicles has passed first and second reading at the senate. The proposed law passed first and second reading yesterday, after the senators gave it a special consideration.

A letter by President Muhammadu Buhari asking the National Assembly to pass the bill was only read on the floors of the House of Representatives and Senate on Tuesday.

Normally, when a bill is read for the first time, a day is fixed to debate the general principles of the legislation after which it will be passed for second reading.

But speaking in his lead debate at the Senate yesterday, Senate leader, Yahaya Abdullahi, All Progressives Congress, APC, Kebbi North, said special consideration should be given to the bill because of its importance to the economy. While leading his colleagues to debate the bill, Abdullahi said the legislation was seeking to provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment.

He said the bill was also seeking to amend the Procurement Act to implement key procurement reforms previously proposed by the National Assembly in 2019.

The leader said: “Section 4 of the VAT Act has been amended by increasing the value added tax payable by consumers from 5 per cent to 7.5 per cent. Section 19 increased the penalty payable by a taxable person for non-remittance within the specified period from 5 per cent to 10 per cent

“Under section 28, the penalty for failure to give notice of change of address or permanent cessation of business was increased from N 5,000 to N 50,000 in the first month and N25,000 in subsequent months.

‘’There is a new section 8 of the VAT Act to cater for the registration of a taxable person upon commencement of business. The penalty for failure to register has been increased from N10, 000 to N50, 000 in the first month and from N 5,000 to N 25, 000 in the subsequent months. ‘’However, the time within which a taxable person is required to register with the service is not specified under the new law as the law simply hinged the time ‘upon commencement of business.’ This is somehow ambiguous and may be subject for court’s interpretation.

“The new section 15 of VAT introduces a threshold for VAT compliance. Thus companies with turnover of N25,000,000. 00 or more shall render their tax on or before the 2lst of every month.

“Essentially the bill has six strategic objectives thus: Adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges precipitated by the decline in international oil prices, as well as the impact of the COVID-19 Pandemic on the economy

“Reform extant Fiscal Policies to prioritize job creation, economic growth, socio-economic development, domestic revenue mobilization, as well as to foster closer coordination with Monetary and Trade Policies;

“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two (2) consecutive years of assessment, as well as reforming the conunencement and cessation rules for small businesses;

“Propose measures to fund the Federal Government’s COVID-19 Pandemic response and introduce provisions to enhance the recovery of corporate donations towards responses to the COVID-19 Pandemic, as well as any similar crises in the future;

“Amend certain aspects of the Fiscal Responsibility Act, to align this Act with the 1999 Constitution (as amended), as well as to enhance fiscal efficiencies by controlling the cost-to-revenue ratios of key State and Government Owned Enterprises; and

“Amend the Public Procurement Act, to implement key procurement reforms previously proposed by the National Assembly, in 2019, to extend the scope of the Act to the Federal Iudiciary and Legislature, accelerate procurement processes, increase mobilization fee thresholds and provide for essential eprocurement reforms. “As such, the 2021 Appropriation Bill is based on the provisions of this Bill. The additional revenues will be used to fund health, education and infrastructure programmes.”
https://www.google.com/amp/s/www.vanguardngr.com/2020/12/senate-passes-2020-finance-bill-for-first-second-readings-same-day/amp/

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Nobody: 3:28pm On Dec 03, 2020
Rubber Stamp senate

24 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by thaoriginator: 3:32pm On Dec 03, 2020
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by FuckThaMod: 4:07pm On Dec 03, 2020
So in a hurry to loot embarassed

2 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Enudapan: 4:07pm On Dec 03, 2020
Nah eh! No qualms
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Nobody: 4:07pm On Dec 03, 2020
They are not called Rubber Stamp Senate for nothing grin

28 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by inoki247: 4:07pm On Dec 03, 2020
Na wen allna go pass Crushing of Boko Haram bill

2 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Owaincouncil: 4:07pm On Dec 03, 2020
Mabizela:
Rubber Stamp senate

Rubber stamp or Rubber Band Senate.

4 Likes 1 Share

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by BizBayo: 4:08pm On Dec 03, 2020
Constant English; 'increased'.

Doing what they know how to do best.

1 Like

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Aguogba(m): 4:10pm On Dec 03, 2020
Lawan- led senate of

9 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by chrisxxx(m): 4:10pm On Dec 03, 2020
Rubber stamp senate?

1 Like

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by GRACEGLORY: 4:11pm On Dec 03, 2020
I tell them to shove it up them black ass. We're tired.


Some generations had come and left all these problems for God to take care of, but this generation of youths have come, we'd fight tyranny, we'd fight brutality, corruption, and especially, bad governance through determination and GOD"S help.

1 Like

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by tnerro1(m): 4:12pm On Dec 03, 2020
I surport the person that called them “rubber band senate”

5 Likes 1 Share

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by HerMajestyCares(f): 4:14pm On Dec 03, 2020
Reading that in the end will not produce Any Positive Result for the Nigerians,






EVIL LEADERS THAT KEEP SITTING AND WATCHING NIGERIANS GO INTO HARDSHIP,




I Just Feel Pity For the poor.
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by cynthia500(f): 4:14pm On Dec 03, 2020
Mad oh.... Pls If u see any groundnut seller, wearing a red top, pls call dis no 08000222001. She gave me tear tear 50 naira

1 Like 1 Share

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by rowosky(m): 4:14pm On Dec 03, 2020
Anything that will add money to the pockets na Stamp straight.
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by praiseneo(m): 4:14pm On Dec 03, 2020
Ok oo
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by iampeterben(m): 4:15pm On Dec 03, 2020
All this guys na scam anything that has to do with money dem dey rush run am. Electoral bill na problem. Thief thief senate.
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by nairaman66(m): 4:15pm On Dec 03, 2020
Soon the poor will have nothing to eat but the rich. Bunch of chronic scammers seated with one purpose to loot this nation dry.
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by NaijaOlosho(f): 4:15pm On Dec 03, 2020
grin
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by CleanestGraphiX(m): 4:16pm On Dec 03, 2020
Nawa
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Olarewaju89: 4:16pm On Dec 03, 2020
Thief people undecided

29 million per month
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Nobody: 4:16pm On Dec 03, 2020
Wetin I want comment sef.


This logo design guys that keep spamming all front page worthy threads, I wonder how many NL account they create in a day
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Ugaboy: 4:16pm On Dec 03, 2020
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by EdoFirstBorn(m): 4:17pm On Dec 03, 2020
[s]L
cynthia500:
Mad oh....
Pls If u see any groundnut seller, wearing a red top, pls call dis no
08000222001. She gave me tear tear 50 naira
[/s]

Look at what an adult wrote at your age

It is local unintelligent it's not funny and it's crass

You should be ashamed of yourself

2 Likes

Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by yomalex(m): 4:17pm On Dec 03, 2020
Hmm
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by Houseofglam7(f): 4:17pm On Dec 03, 2020
undecided
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by wellmax(m): 4:18pm On Dec 03, 2020
Welldone NASS
Re: Senate Passes 2020 Finance Bill For First, Second Readings Same Day by ValCon888: 4:18pm On Dec 03, 2020
They are not passing it for you. They are passing it for themselves. Bunch of hungry vultures feeding on the carcass that is Nigeria.

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