A Tax Consultant, Dr McAnthony Dike, has urged the Federal Government to educate Nigerians on the importance of the new Finance Act in developing the nation’s economy.
Dike, who is a former President of the Chartered Institute of Taxation of Nigeria, made the call in an interview with the Nigerian News Agency in Lagos, on Friday.
According to him, educating citizens on the development will help in dousing their fears and misconceptions.
“In previous conferences, many of us had complained of not having a clear cut finance bill.
“ The new Act will reposition the economy and improve government’s fiscal revenue,” he said.
According to him, the aspect exempting firms whose turnover is less than N25 million is commendable because it would ensure their survival.
He said that initiating the national finance bill in the first place was profound, especially now that crude oil revenue is not enough.
“Revenue gotten from crude oil is inadequate and it is prone to volatility because of international geopolitical interest.
“Relying on alternative revenue is the best way for government to meet its competing demands,” he said.
Recall that President Muhammadu Buhari signed the new Finance Bill into law on Monday.
The Finance Bill, which was submitted to the Joint Session of the National Assembly, along with the 2020 Appropriation Bill, in 2019 had proposed amendments to various tax laws in the country.
The laws include Petroleum Profit Tax Act, Customs and Excise Tariff Act, Company Income Tax Act, Personal Income Tax Act, Value Added Tax, Stamp Duties Act and the Capital Gains Tax.
The National Assembly, after passage of the bill, had forwarded it to the president for his assent.
Edited by: Vivian Ihechu/Oluwole Sogunle