The Senate on Tuesday passed the Finance Bill 2020, transmitted by President Muhammadu Buhari on Nov. 25 for consideration.

The bill, which has 77 clauses was passed following adoption of the report of Senate Joint Committee on Finance, Customs, Excise and Tariff, Trade and Investment and Public Procurement at the Committee of the Whole.

Chairman of the Joint Committee, Sen. Solomon Adeola (APC – Lagos) while presenting the report, said the finance bill 2020 sought to amend 17 key finance Acts.

He listed the some of the Acts to include; Capital Gains Act, Companies Income Tax Act, Industrial Development (Income Tax Relief) Act and Personal Income Tax Act.

Others were Tertiary Trust Fund Act, Customs and Excise Duties Tariff Act, Value Added Tax Act, Stamp Duties Act, and Electronic Transaction Levy Act

President Muhammadu Buhari had in a letter dated Nov. 25 transmitted the bill to the Senate, saying its passage would support the implementation of the 2021 budget.

This, Buhari said would be achieved through strategic reforms on specific taxation, customs, excise, fiscal and other laws.

He said the reform was to adopt appropriate counter-cyclical fiscal policies to respond to the economic and revenue challenges caused by decline in international oil prices and impact of the COVID-19 pandemic.

“Reform extant fiscal policies to prioritise job creation, economic growth, socio-economic development, domestic revenue mobilisation, as well as to foster closer coordination with Monetary and Trade Policies.

“Provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment, as well as reforming the commencement and cessation rules for small businesses.

“Propose measures time fund for the Federal Government’s COVID-19 pandemic response and introduce provisions to enhance the recovery of corporate donations toward responses to the COVID-19 pandemic, as well as any similar crisis in the future. (NAN)