By Ikechukwu Okaforadi and Musa Adamu
President Muhammadu Buhari had forwarded the Finance Bill 2019 for consideration and passage by the National Assembly.
The bill which seeks to enact fiscal measures supporting the 2020 budget is in pursuant to section 58 and 59 of the 1999 constitution as amended was sent via a letter to President of the Senate.
The finance bill 2019 proposes incremental but necessary changes to Nigeria taxes and fiscal laws to ensure optimal funding of 2020 budget.
According to Buhari, the finance bill has five strategic objectives.
He listed the objectives to include, promotion of fiscal equity by mitigating instances of regressive taxation and reforming domestic tax laws to align with global best practice.
He said that the bill was designed to introduce the tax incentives for investments in infrastructure and capital markets.
The president said that the bill would also help support micro, small and medium size businesses in line with the ease of doing business reforms and raising revenues for government.
According to him, the finance bill proposes an increase of the Value added Tax (VAT) rate from 5 per cent to 7.5 per cent.
He expressed believe that the bill would receive expeditious passage of the senate.