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Stakeholders await official release of Finance Bill

Published by The Nation on Thu, 16 Jan 2020


By Collins NwezeThe Chartered Institute of Taxation of Nigeria (CITN) has said the official release of the Finance Bill by the Federal Government is being awaited by stakeholders.In a statement, the tax body said the effective date for the implementation of the Finance Bill will be known once the Act establishing it is made public.The new Finance Bill was signed into law by the President Muhammadu Buhari on Monday, January 13, 2020.On the effective the effective date of the new Act, CITN President, Dame Olajumoke Simplice noted that it was too early to make comments on same as the Act had just been signed by the President.The statement explained that the Act will be specific about the pronouncements and amendments, particularly the effective date for the implementation of its provisions once it is made public.According to the CITN statement released Wednesday, most of the provisions in the Bill had undergone legislative scrutiny and there was need to await its official release.Read Also:7.5 per cent VAT kicks off as Buhari signs finance billAs the statutory professional body charged with the responsibility of regulating tax practice in Nigeria, the Institute will only have to base its positions on the official instruments of law in the discharge of her statutory functions, which amongst others, include the continuous update of the knowledge and awareness of its members and the general public on tax practice and administration in Nigeria, the statement said.It will be recalled that the Tax and Fiscal Law (Amendment) Bill 2019, otherwise known as Finance Bill 2019 was submitted to the National Assembly together with the 2020 Appropriation Bill by the President on the 14th of October 2019.The Bill was passed by the Senate on Thursday, 21st November 2019 while the House of Representatives passed the version of the Bill on Thursday, 28th November 2019. The harmonized version of the Bill passed by both houses of the National Assembly was transmitted to the President on Friday, 20th December, 2019, thereby giving room for the Presidents assent to the Bill, which is a basic requirement for an Act of the Parliament to become legal in Nigeria.It explained that following the Presidents assent, the Bill (now Act) will be released to the general public by the Federal Government through the official gazetting of the Act or through any other appropriate means.The official gazette of bills however, affords a reflection of the official government version of the law that is implementable. It clearly sets the enforcement or effective date of an amended or new law. It also provides a record of the historical development of an Act or legislation as well as serves as a reliable hard copy documentation and archives, the statement said.
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