FINANCE BILL TO REMOVE TAX EXEMPTION ON OIL COMPANIES’DIVIDENDS

FINANCE BILL TO REMOVE TAX EXEMPTION ON OIL COMPANIES’DIVIDENDS

Minister of finance, Budget, and National planning,  Ahmad, Zinab says the Dividends paid from the profits of oil companies will no longer be tax-exempt if the national assembly passes the finance bill submitted by President Muhammadu Buhari.

She stated this in a statement released by her special adviser on media and communication,Yunusa Abdullahi.

Quoting the minister in the text, the bill seeks to improve revenue by removing the tax exemption granted for dividends or income received from companies charged under the petroleum profits tax act.

The bill also seeks to address the taxation of industries, such as insurance, start-ups, and the capital markets, evaluated by the federal government as critical to the growth and development of the Nigerian economy with a view to stimulating activities in those sectors and fostering overall economic growth.”

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

It would be recalled that the president had submitted the 2020 budget proposal to the national assembly alongside the finance bill.

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