The 2020 Finance bill has passed through the second reading.
The bill is expected to adopt fiscal policies to respond to economic and revenue challenges caused by the decline in oil prices and the impact of the COVID-19 pandemic.
One of the objectives of the 2020 finance bill is to provide financial 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.
However, the Chairman, Senate Committee on Gas, Senator Bassey Akpan said the bill must propose sanctions for heads of government agencies who fail to remit government revenue into the federation account.
READ ALSO: Wike Presents N448.6bn Budget For 2021
“Most of the revenue-generating agencies still retain the revenue they generate without transferring the 25 percent as stipulated Fiscal Act,” he said.
“Therefore we must look at this act to show what kind of penalties and consequences can be ensured in this amendment to make it more effective.