The Federal Government is proposing a reduction of the minimum tax rate to be paid by companies in the next fiscal year, due to the current economic climate exacerbated by the devastating impact of the coronavirus pandemic.
In the new proposal, the Federal Government plans to reduce the minimum tax rate from 0.5% to 0.25% of the gross turnover of the company.
According to a report from Punch, this disclosure is contained in the new draft Finance Bill 2020, which is being proposed by the Fiscal Policy Reforms Committee that was set up by the Federal Ministry of Finance, Budget and National Planning, and chaired by the Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu. Read more…..
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