GOVERNMENT OKAYS BILL TO REDUCE TAX BURDEN ON BUSINESS OWNERS.
The Federal Government is set to reduce the tax burden on Nigerians and boost the ease of doing business with the two Executive Orders and five tax policy Amendment Bills.
Minister of Finance Kemi Adeosun revealed the news after the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja yesterday.
The two Executive Orders are:
Value Added Tax Act (Modification) Order, and Review of Goods Liable to Excise Duties and Applicable Rate Order. The five Amendment Bills include the Companies Income Tax Act (Amendment) Bill and the Value Added Tax Act (Amendment) Bill.
Others are Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill; Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill.
According to the Minister, the approval followed the presentation of a memorandum to seek the consideration and approval of the Council for the report of the National Tax Policy Implementation Committee on Tax Laws Reform.
FEC on Feb. 1, 2017 approved the revised National Tax Policy in order to have a robust tax system to promote investment and improve revenue for sustainable national development
SOURCE – THE NATION
