President Muhammadu Buhari has requested for reforms in procurement process, tax waivers and other reforms to cushion the effect of impacts of COVID-19 and slump in oil price on the Nigerian economy.
The request was contained in a letter sent to the National Assembly dated 25th November, 2020 read by the Speaker, House of Representatives, Femi Gbajabiamila during plenary on Tuesday.
- ‘Multiple taxations killing our business’
- Ifie Sekibo: Championing New Model of Entrepreneurial Growth and Innovation in Africa
Similar letter addressed to the Senate President was also read on the floor of the Senate chamber during plenary on Tuesday.
The letter reads in parts:” Pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). I formally request that the Finance Bill be considered by the House of Representatives for passage into law.
“The Finance Bill 2020, seeks to support the implementation of the 2021 budget Budget by proposing key reforms to specific taxation, Customs, excise, Fiscal, other laws”.
“Reform extant Fiscal policies to prioritise job creation, economic growth, socioeconomic development, domestic revenue mobilisation as well as to foster closer coordination with monetary and trade policies.”
The Bill also seeks to 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.
“Amend the Public Procurement Act to implement key procurement reforms previously proposed by the National Assembly in 2019, to extend the scope of the Act to the Federal Judiciary and Legislature, accelerate procurement processes, increase mobilisation fee thresholds and provide for essential e-procurement reforms.”
