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FG Grants Tax Relief To Companies That Donated To COVID-19 Relief Fund

20 November 2020 National News News


 

 

The Federal Government has proposed to grant tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition, CACOVID.

The government also has proposed exemption of small companies from payment of education tax under the Tertiary Education Trust fund, TETFUND-companies with less than N25 million turnover are eligible.

This is as the government yesterday presented the Finance Bill 2020 which was approved by the Federal Executive Council, FEC, to the National Economic Council, NEC. The government further gave reasons why food stuffs are soaring. The approved Finance Bill 2020 that was presented to the governors is seeking to provide more tax incentives for Nigerian businesses and individuals.
This was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, at the end of the virtual NEC meeting presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.
Some highlights of the proposed bill which is being sent to the National Assembly include: “Reduction in duties on tractors from 35 to 10 percent, reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent, reduction of levy on motor vehicles for the transportation of persons (cars) from 35 per cent to 5 per cent.
“Exemption of small companies from payment of education tax under the Tertiary Education Trust fund (TETFUND)-companies with less than N25m turnover are eligible “50 percent reduction in minimum tax; from 0.5 percent to 0.25 per cent for gross turnover for financial years ending between January 1, 2020 and December 31, 2021.
“Granting of tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID). “Clarification that only compensation for loss of office up to N10million

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