The presidency had made public the breakdown of Finance Bill, 2019, which was submitted to the National Assembly by President Muhammadu Buhari alongside the 2020 Appropriation Bill, and signed into law by the president on Jan. 13, 2020.
The breakdown was released by Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, on Sunday in Abuja. The Act has the following objectives. “Promoting fiscal equity by mitigating instances of regressive taxation. “Reforming domestic tax laws to align with global best practices.
Introducing tax incentives for investments in infrastructure and capital markets. “Supporting Micro, Small and Medium-sized businesses in line with the administration’s Ease of Doing Business Reforms. “Raising Revenues for Federal, State and Local Governments.” The fact sheet on the new Act indicates that it was the first legislation created to accompany an Appropriation Act since the return of democracy in 1999