Tag: finance bill
Nigerians will start paying a new 7.5 per cent Value Added Tax (VAT) on products as part of over 90 changes to 7 tax laws as the newly signed Finance Bill becomes law. Meanwhile, as Nigeria’s Economic Recovery Growth Plan winds down this year, local papers say a new plan is underway. Nonso Obikili, Director of Turgot Centre for Economics and Policy Research joins CNBC Africa from Abuja for more.
President of Manufacturers Association of Nigeria (MAN), Mansur Ahmed says for the first time in a long time Nigeria has a comprehensive finance bill which brings together key issues on fiscal policy that needs to be constantly under review. He joins CNBC Africa’s Christy Cole on the sidelines of an interactive session on consumer goods sector organised by Nigerian Stock Exchange (NSE).
Nigeria’s Senate has passed the Finance Bill despite opposition from some stakeholders in different industries. Partner and Head of Commercial Practice Group at Andersen Tax, Chinedu Ezomike joins CNBC Africa to discuss how the Finance bill will shape activities in Nigeria’s insurance sector.
Nigeria's Finance Bill seeks to shore up the government's revenue base by amending seven acts of the National Assembly relating to taxes. Ken Erikume, Partner of Tax Reporting and Strategy at PwC Nigeria joined CNBC Africa's Kenneth Igbomor to breakdown the Finance Bill, as members of Nigeria’s House of Representatives boycotted the public hearing slated for Tuesday.
President Uhuru Kenyatta rejected to approve the Finance Bill and further asked Members of Parliament to scrap commercial lending rate caps that critics say have led to a credit squeeze. To overturn the President’s memorandum, MPs require to marshall a two-thirds majority by 10th of October when they resume their sessions. Reginald Kadzutu, Economic Analyst joins CNBC Africa for more.
In Kenya, banks have opposed the interest rate cap that puts the ceiling at 13 per cent and instead lobbied for the introduction of risk-based lending but members of Parliament have consistently rejected the proposal. Kenya Banker Association (KBA) presented their proposal to Parliament in support of an amendment of Banking Act under the Finance Bill 2019. To share what is at stake, Economic Analyst, Odhiambo Ramogi joins CNBC Africa for more.