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FG Approves Draft Finance Bill 2020, Rules out New Taxes

Economy

FG Approves Draft Finance Bill 2020, Rules out New Taxes

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The Federal Executive Council (FEC) yesterday approved the Finance Bill 2020 conceived to enhance incremental changes in the nation’s tax laws but assured Nigerians that there would be no fresh levy.

Briefing reporters at the end of the FEC meeting in the State House, Abuja, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, explained that the bill was not conceived to increase taxes as tax rates and the 7.2 per cent value added tax (VAT) remain the same.

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