The federal government has disclosed that it targeted tax burden reducation with finance Bill 2019 modifications.
The minister of Finance, Budget and National Planning, Zainab Ahmed said the aim is of the finance bill is to create a conducive atmosphere for small and medium enterprises to thrive.
The minister stated this during a stakeholder’s public hearing on the bill at the National assembly in Abuja on Tuesday, a statement by the media aide of the minister, Yunusa Abdullahi stated.
In her presentations, the minister stated that “The Finance Bill 2019 has generated a positive narrative from key stakeholders, economic analysts, tax experts and the general public. Furthermore, its provisions, if passed into law by the National Assembly, are likely to increase investor confidence and attract foreign direct investment.”
Ahmed also added that the bill was subjected to the public hearing in the national assembly so that critical stakeholders in the sector can make potent inputs that will fast track economic development.
She maintained that inputs from experts and all institutions and agencies will be well articulated and modifications captured in the bill if eventually passed into law.
On its part, the representative of the Chattered Institute of Taxation of Nigeria (CITN) advised that the Bill should rather put the responsibility of collecting Stamp Duties on the Federal Inland Revenue Service (FIRS).
“The Bill is to, among other things, amend the tax provisions and make them more responsive to the tax reform policies of the Federal Government and enhance its implementation and effectiveness,” the CITN said.
Among the experts and stakeholders from the private organized sector who made presentations were KPMG, Joint Tax Board (JTB), Manufacturers Association of Nigeria (MAN), Institute of Chartered Accountants of Nigeria (ICAN), Chartered Institute of Taxation of Nigeria and (CITN), Association of National Accountants of Nigeria (ANAN)
According to the statement, The Chairman, Senate Committee on Finance, Senator Solomon Olamilekan Adeola, assured that the views expressed by the stakeholders would be seriously reviewed to ensure that the purpose of the amendment Bill would be achieved when it is finally passed.