Buhari seeks reps nod to amend finance act

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President Buhari Seeks Reps' Nod to Amend Finance Act

President Muhammadu Buhari has written to the House of Representatives seeking their approval to amend the Finance Act 2020. The amendment is aimed at making some changes to the Act, which was signed into law in December 2020.

According to a letter dated March 14, 2023, and addressed to the Speaker of the House of Representatives, Femi Gbajabiamila, the President is seeking to amend Section 4 of the Finance Act 2020 to clarify the definition of "taxable person" and "taxable period" in the Act.

The President is also seeking to amend Section 7 of the Act to provide for the payment of Value Added Tax (VAT) on electronic services, including online transactions. This amendment is aimed at increasing government revenue and reducing tax evasion.

Furthermore, the President is seeking to amend Section 13 of the Act to provide for the establishment of a National Tax Appeal Tribunal to hear tax appeals and reduce the burden on the courts.

The President's letter to the House of Representatives is in line with the provisions of the Constitution, which requires the President to seek the approval of the National Assembly before making any changes to a law.

The House of Representatives is expected to consider the President's request and pass a resolution approving the amendment to the Finance Act 2020.