Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the new Finance Bill 2020, approved by the Federal Executive Council, FEC, on Wednesday, will ease tax burdens on small and medium enterprises in the country.
Speaking with State House correspondents shortly after this week’s FEC meeting presided over by President Muhammadu Buhari, Mrs Ahmed explained that the bill was designed to bring about incremental changes in the nation’s tax laws.
According to her, some taxes had already been reduced saying: “In the last Finance Bill 2019, we reduced taxes from 30 percent to 20 percent for enterprises that have turnover of between N25 to N100 million.”
Mrs Ahmed assured that the situation in the country does not warrant increase in taxes, saying: “This is not the time to increase taxes.”
The bill will soon be transmitted to the National Assembly for its consideration and passage into law.