The House of Senate has amended the finance bill to include the completion of capital projects until the first third of 2022. Following the meticulous consideration by both the Senate and the President, the finance bill was passed.
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Chairperson of the Joint Committee, Senator Solomon Olamilekan Adeola, while presenting the bill, explained that for the bill to accommodate the impact of Covid-19, there were no new taxes and incentives.
He said that they spread the bill into four thematic areas: “Enacting counter cyclical measures and crisis intervention initiatives; Tax, fiscal responsibility, and public procurement reforms; Reforming fiscal incentives policies for job creation; Ensuring closer coordination of monetary, trade and fiscal policies; and Enhancing tax administration.”
In giving its observations, the Joint Committee said that gaming and oil and gas companies should be taxed. It also gave some regulatory recommendations to the Federal Inland Revenue Service (FIRS) on tax matters.