President Muhammadu Buhari has sent a letter to the House of Representatives seeking to amend the Finance Act approved by the National Assembly in November 2019.
This was contained in a letter read out by the Speaker, Femi Gbajabiamila, at the plenary on Tuesday.
The President, in the letter, sought for the amendment of the new law to take effect from February 1, 2020.
The requested amendment also wants the new law to show that the annual fees payable on basic goods items are different from Value Added Tax (VAT).
Daily Trust reports that President Buhari had on January 13, 2020 signed into Law the Finance Bill, 2019.
The President said the Bill was vital to the implementation of the 2020 Budget.
In the announcement made via his Twitter handle: @MBuhari, the President had said: “I am pleased to announce that this morning I signed into Law the Finance Bill, 2019.
“We introduced the Bill alongside the 2020 Budget, to reform Nigeria’s tax laws to align with global best practices; support MSMEs in line with our Ease of Doing Business Reforms; -Incentivize investments in infrastructure and capital markets; and raise Government revenues.
“This is the first time, since the return of democracy in 1999, that a Federal Budget is being accompanied by passage of a Finance Bill specially designed to support its implementation; and to create a truly enabling environment for business and investment by the private sector.
“I thank the leadership and members of the Ninth National Assembly for the hard work and support that have gone into the passage of the landmark Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bill; both vital to the successful implementation of the 2020 Budget.”
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