• Home
  • Stories
    • Politics
    • Business
    • Arts & Culture
    • Health
      Bill Gates

      Next pandemic will be man-made, deadly – Bill Gates warns

      BMGF takes giant leap, expands Board as Econet Billionaire Masiyiwa makes the cut

      Does our foundation have too much influence? Here’s how I see it

      The doctor pronounced him dead in the car, they did not remove the corpse, they did not separate his wife fro him -Osita Chidoka

      The doctor pronounced him dead in the car, they did not remove the corpse, they did not separate his wife fro him -Osita Chidoka

      If you are a doctor planning Japa to the UK, you may end up in salve camp, says BBC report

      If you are a doctor planning Japa to the UK, you may end up in salve camp, says BBC report

      Good News: Nigerian Doctors suspend strike

      Good News: Nigerian Doctors suspend strike

      CAN, JNI meet Fed. Govt to reverse downward nutrition trend in Nigeria

      CAN, JNI meet Fed. Govt to reverse downward nutrition trend in Nigeria

      FG approves three additional orthopaedic hospitals

      FG approves three additional orthopaedic hospitals

    • Security
    • Travel
  • World
  • Africa
  • Humans of Abuja
  • Investigation
  • Development
  • Contact
Infactng
  • Home
  • Stories
    • Politics
    • Business
    • Arts & Culture
    • Health
      Bill Gates

      Next pandemic will be man-made, deadly – Bill Gates warns

      BMGF takes giant leap, expands Board as Econet Billionaire Masiyiwa makes the cut

      Does our foundation have too much influence? Here’s how I see it

      The doctor pronounced him dead in the car, they did not remove the corpse, they did not separate his wife fro him -Osita Chidoka

      The doctor pronounced him dead in the car, they did not remove the corpse, they did not separate his wife fro him -Osita Chidoka

      If you are a doctor planning Japa to the UK, you may end up in salve camp, says BBC report

      If you are a doctor planning Japa to the UK, you may end up in salve camp, says BBC report

      Good News: Nigerian Doctors suspend strike

      Good News: Nigerian Doctors suspend strike

      CAN, JNI meet Fed. Govt to reverse downward nutrition trend in Nigeria

      CAN, JNI meet Fed. Govt to reverse downward nutrition trend in Nigeria

      FG approves three additional orthopaedic hospitals

      FG approves three additional orthopaedic hospitals

    • Security
    • Travel
  • World
  • Africa
  • Humans of Abuja
  • Investigation
  • Development
  • Contact
No Result
View All Result
Infactng
No Result
View All Result

Nigeria’s business environment friendlier by tax reduction —Osinbajo

November 20, 2020

Vice President Yemi Osinbajo says the Federal Government is making Nigeria’s business environment friendlier by slashing taxes.

The vice president also said that the Federal Government, like it did in 2019, was offering a range of tax incentives through the 2020 Finance Bill so as to attract more incentives and make doing business in Nigeria more competitive.

Osinbajo’s spokesman, Laolu Akande, in a statement on Friday, said the vice president spoke at the third edition of the Nigeria Diaspora Investment Summit which was held virtually.

The summit featured several Nigerians and prospective investors from the Diaspora.

“What we have done in furthering our own economic policy is to attempt to make the fiscal environment as attractive as possible.

`What we have done is to use the instrumentality of the Finance Acts to make or propose significant reforms.’’

He said that the Finance Bill looked at several fiscal issues that needed legislation or amendments which would make it easier for government to implement the budget and ease the fiscal environment or make the fiscal environment friendlier.

READ ALSO: Road crash: Wife of ex-senate leader, Ndoma-Egba, three others die in Ondo State

The vice president said that the Federal Government started by passing the Finance Act in 2019 and had proposed second Finance Act in 2020.

“Last year, we passed a legislation giving small companies with a turnover of less than N25 million a year, tax exemption from the Companies Income Tax.

“Medium-sized companies with their turnover of between N25 million and N100 million now pays Companies Income Tax at the lower rate of 20 per cent.

“And then, services provided by Micro Finance Banks are completely exempted from VAT. So, no microfinance bank pays VAT now for its services.

“Withholding tax rates, also on roads, on bridges, on buildings, power plant construction contracts have been reduced from five per cent to 2.5 per cent.

“Those who are doing construction contracts and proposing for construction contracts, pay a reduced rate, they no longer pay five per cent; they now pay 2.5 per cent.

“Now in the proposed 2020 finance bill, we have gone a bit further; we are reducing by 50 per cent; the minimum tax rate.

“So the minimum tax rate used to be 0.5 per cent; now is reduced to 0.25 per cent for gross turnover for the financial years ending between Jan. 1, 2020 and Dec. 31, 2021.

“So we have reduced the minimum tax rate by 50 per cent, by half.”

Osinbajo acknowledged the efforts of Abike Dabiri-Erewa, the Chief Executive Officer of the Nigerians in Diaspora Commission (NIDCOM) in harnessing the resources and talents of Nigerians abroad.

“The diaspora initiatives that we have and all of your efforts are certainly appreciated and will result to a stronger economy for Nigeria and a better country,” he said.

The investment summit is an annual feature of the Nigerians in Diaspora Commission (NIDCOM).

Share121Tweet76Share30
INFACTNG

INFACTNG

Related Posts

2023 presidential candidates Tinubu, Atiku, Obi
Features

Election: Olanipekun, 49 other lawyers to defend Tinubu’s victory

March 7, 2023

Former President of the Nigerian Bar Association (NBA) Wole Olanipekun, will lead 49 other lawyers to defend the victory of the President-elect, Bola Ahmed Tinubu at the 20230 presidential election tribunal. Olanipekun, a senior advocate of Nigeria (SAN) alongside...

Bill Gates
News

India to become world’s cheapest 5G market – Bill Gates

March 7, 2023

The Co-Chair of the Bill and Melinda Gates Foundation (BMGF), Bill Gates, has said India will soon become one of the “cheapest 5G markets” in the world, Asia One reports.  The Microsoft co-founder, on Tuesday, said that no country...

Olayode congratulates Akinlade, says he’s a record breaker
News

Olayode congratulates Akinlade, says he’s a record breaker

February 28, 2023

From Seun Akioye, Abuja The newly elected member of the House of Representatives, representing Yewa/Ipokia federal constituency in Ogun state, Hon. Akinlade Abiodun Isiaq, has been described as a record breaker in the state after winning his fourth term...

As Kogi governor fights for masses over naira redesign, court forfeits 14 houses he allegedly stole from same masses
News

As Kogi governor fights for masses over naira redesign, court forfeits 14 houses he allegedly stole from same masses

February 22, 2023

The government house has been enmeshed in corruption allegations By Elohor Igbru What could be more ironic for Kogi state governor, Yahaya Bello after  a federal high court sitting in Lagos today ordered the  interim forfeiture of 14 properties...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • Election: Olanipekun, 49 other lawyers to defend Tinubu’s victory March 7, 2023
  • India to become world’s cheapest 5G market – Bill Gates March 7, 2023
  • Professor Saheed Aderinto: The $300,000 Dan David Prize-Winning Historian February 28, 2023
  • Olayode congratulates Akinlade, says he’s a record breaker February 28, 2023
  • As Kogi governor fights for masses over naira redesign, court forfeits 14 houses he allegedly stole from same masses February 22, 2023

Categories

  • Africa (12)
  • Agriculture (3)
  • Agriculture (12)
  • Arts & Culture (29)
  • Business (220)
  • Cover (22)
  • COVER STORY (56)
  • Development (25)
  • ENDSARS PROTESTS (39)
  • Features (11)
  • Health (79)
  • Humans of Abuja (5)
  • Investigation (8)
  • Law (15)
  • News (756)
  • Obituary (20)
  • Opinion (33)
  • Politics (170)
  • Security (182)
  • Stories (339)
  • Travel (6)
  • World (42)

Popular

  • Six years pregnancy: A Miracle too hard to believe

    Six years pregnancy: A Miracle too hard to believe

    467 shares
    Share 187 Tweet 117
  • Akindele Oluwaseun: ‘Crying Teacher’ who receive over N1m donation and gave it all out

    378 shares
    Share 151 Tweet 95
  • How first female combat Pilot was killed

    361 shares
    Share 144 Tweet 90
  • Army throws out ‘nosey’ editor from own platform

    361 shares
    Share 144 Tweet 90
  • AGRA’s Greatest Achievement Has Been to Give Farmers Choices – Andrew Cox

    369 shares
    Share 156 Tweet 89

  • Contact
  • News

© 2020 Infactng – Investigative Journalism

No Result
View All Result
  • Home
  • Stories
    • Politics
    • Business
    • Arts & Culture
    • Health
    • Security
    • Travel
  • World
  • Africa
  • Humans of Abuja
  • Investigation
  • Development
  • Contact