Facebook
Twitter
Instagram
Beat TV
Google Plus
RSS Feed

On Air

with Dolapo
Saturdays: 6am - 12pm

Listen Live

President Buhari discloses why he forwarded Finance Bill to NASS

According to President Muhammadu Buhari, the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to raise the country’s Value Added Tax (VAT) from 5 to 7.5 per cent.

 

He disclosed this when he presented the 2020 Appropriation Bill to the joint session of the National Assembly in Abuja on Tuesday.

He said: “The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent As such, the 2020 Appropriation Bill is based on this new VAT rate. ”The additional revenues will be used to fund health, education and infrastructure programmes.

”As the States and Local Governments are allocated 85 per cent of all VAT revenues, we expect to see greater quality and efficiency in their spending in these areas as well.”

According to the president, the VAT Act already exempts pharmaceuticals, educational items, and basic commodities, saying the exemptions are being expanded under the Finance Bill, 2019.

 

 

President Buhari listed specific items that would be exempted from the proposed VAT to brown and white bread; Cereals including maize, rice, wheat, millet, barley and sorghum; Fish of all kinds; Flour and starch meals. Other items, according to him, are fruits, nuts, pulses and vegetables of various kinds; Roots such as yam, cocoyam, sweet and Irish potatoes; Meat and poultry products including eggs; Milk; Salt and herbs of various kinds; and Natural water and table water.

 

According to the President, the bill has five strategic objectives of promoting fiscal equity, reforming domestic tax laws and raising revenue.

Connect

Facebook
Twitter
Instagram
Beat TV
Google Plus
RSS Feed

Contact

We are located at 49, Ondo Street,
Off Osuntokun Avenue, Old Bodija,
Ibadan, Oyo State, Nigeria.
Telephone:
09015871597

Sales & Marketing

09023753507

 

info@thebeat97.com