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HomeWhistleblowers9th NASS Pass Bill Seeking To Reduce Import Levy On Vehicles

9th NASS Pass Bill Seeking To Reduce Import Levy On Vehicles

A Bill seeking to reduce import levy on buses, tractors and other motor vehicles, Known as  ‘The 2020 Finance Bill’, has passed first and second reading at the senate. The proposed law passed the first and second reading on Wednesday after the senators gave it a special consideration.

President Muhammadu Buhari had earlier sent the letter seeking the National Assembly to pass the bill,  but it was only  read on the floors of the House of Representatives and Senate on Tuesday.

Usually, when a bill is read for the first time, a day is fixed to debate the general principles of the legislation after which it will be passed for second reading.
However, speaking in his lead debate at the Senate on Wednesday, Senate leader Yahaya Abdullahi, (APC, Kebbi North) said special consideration should be given to the bill because of its importance to the economy.

Leading  his colleagues to debate the bill, Abdullahi said, the legislation was seeking to provide fiscal relief for taxpayers by reducing the applicable minimum tax rate for two consecutive years of assessment.

He said the bill was also seeking to amend the Procurement Act to implement key procurement reforms previously proposed by the National Assembly in 2019.

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