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Summary
On 31st December, 2020, President Muhammadu Buhari signed the
Finance Bill, 2020 (now Finance Act) into law. The Finance Act,
2020 (the Act), which has a commencement date of 1st January 2021,
was signed into law alongside the 2021 Appropriation Bill (now
Appropriation Act). The Act introduces significant changes to a
number of tax and regulatory laws in Nigeria including the
introduction of COVID-19 incentives alongside other changes.
Details
In December 2020, President Muhammadu Buhari transmitted the
Finance Bill, 2020 to the National Assembly for consideration and passage
into law in support of the 2021 Appropriation Bill. Subsequently,
LCCI urges NASS on PIB
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The Lagos Chamber of Commerce and Industry (LCCI) has urged the National Assembly to ensure the passage of a competitive Petroleum Industry Bill (PIB) that would make Nigeria an investment destination of choice.
Mr Muda Yusuf, Director General, LCCI, made the call in a statement issued on Sunday in Lagos.
Yusuf said the LCCI was fully in support of government’s efforts to drive industry reform through a new PIB which was currently before the national assembly.
”The Lagos Chamber urges the national assembly to put in place a law that will promote a more effective and efficient governance, administration, host community development and fiscal framework for the petroleum industry.
Horrendous covetousness - The Nation Nigeria News thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.
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Shareholders have said that the creation of unclaimed Dividend Trust Fund and transfer of the unclaimed dividends into the Federation Account will encourage corruption and nepotism to the detriment of the shareholders/beneficiaries of returns on investments.
The shareholders under the aegis of Independent Shareholders Association of Nigeria stated this while reacting to the proposed fund at the public hearing of the Senate Committee on Finance, Trade and Investment and Public Procurement on the Finance Bill 2020.
In a statement signed by the National Coordinator, Mr Anthony Omojola and Founder, Mr Sunday Nwosu, ISAN said the fund was uncalled for.
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