THE Senate has given an insight into the Finance Bill 2019 as introduced by the Executive, saying that it is not only about the increase in Value Added Tax, VAT.
that contrary to popular sentiment about the executive Finance Bill 2019 being about increase in Value Added Tax, the bill is a composite bill seeking amendmentAlso read:According to Senator Adeola, the bill is targeted at reforming the country’s tax regime and would involve amendments of seven Acts of the Parliament namely; Petroleum Profit Tax, Custom and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and Capital Gain Tax.
Senator Adeola explained that the public hearing will serve to enlighten the people on the import of the bill as well as allow interested parties to express their views on the amendments to the various laws governing different aspects of our tax legislation and the need to clarify grey and conflicting clauses in the laws.
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