LOCAL AFRICAN REALITY

Breaking

Nigeria govt to remove tax exemption on oil companies’ dividends


Dividends paid from the profits of oil companies will no longer be tax-exempt if the finance bill submitted by President Muhammadu Buhari is passed by the national assembly.

According to TheCable reports, This was contained in a statement released by Yunusa Abdullahi, special adviser on media and communication to Zainab Ahmed, the minister of finance, budget and national planning, on Tuesday.

The president had submitted the 2020 budget proposal to the national assembly alongside the finance bill.

The bill has already scaled second reading at the legislative chambers.

Providing other details of the bill, Ahmed said capital gains tax amendment will cover the taxation of business combination and seeks to prevent abuse of a provision of the act on group restructuring.

In the area of stamp duties, the minister said the new bill will work towards increasing revenue generation from duties on electronic stamps.

While presenting the bill, Buhari had said it would fiscal equity by mitigating instances of regressive taxation; reform domestic tax laws to align with global best practices and introduce tax incentives for investments in infrastructure and capital markets.

No comments:

Disclaimer
Most News articles reported on LOCAL AFRICAN REALITY are a reflection of what is published in the media. LOCAL AFRICAN REALITY is not in a position to verify the accuracy of daily news articles, however, we ensure that only news articles from credible sources are reflected in this service. Independent opinions which are mailed to us may also be published from time to time at our discretion, however the sources for these independent articles will be clearly stated.


Share your story with us: SMS: +23409067561649, Whatsapp: +2349067561649, Email: localafricanreality@gmail.com or qubesentertainmentmagazine@yahoo.com
Receive Alerts on: Whatsapp: +2349067561649, Twitter: @localafricanr