Bill Signing: NECA Lauds Finance Act, Urges Compliance - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
January 14, 2020
The Nigeria Employers’ Consultative Association, NECA has lauded the Finance Bill, which was signed into law by President Buhari, saying the Act had led to an increment to 7.5 per cent of Value Added Tax, VAT.
TheAssociation’s Director-General, Timothy Olawale, who made the commendation in astatement in Lagos, noted that the President meant well for the country asevidenced in some pro-masses provisions in the Law and the objectives behindthe new Law.
Hesaid that reforming domestic tax laws to align with global best practices,introducing tax incentives for investments in infrastructure and capitalmarkets, and supporting Micro, Small and Medium-sized businesses, in line withour Ease-of-Doing-Business Reforms, were positives of the new Act.
He,however, urged government not to see the private sector as a cash cow in itsdrive to raise revenue.
Olawaleexplained that doing so would do more harm to the already burdened privatesector and further impoverish citizens, whom the President promised to take outof poverty.