senate to override buhari on industrial development income tax relief bill - Senate To Override Buhari On Industrial Development (Income Tax Relief) Bill

Senate To Override Buhari On Industrial Development (Income Tax Relief) Bill

Nigeria senate at a plenary session e1476198300128 - Senate To Override Buhari On Industrial Development (Income Tax Relief) Bill

The Senate during its plenary on Wednesday resolved to override the veto of President Muhammadu Buhari on the constitution amendment Bill (Bill No. 28) and the Industrial Development (Income Tax Relief) amendment Bill.

The two bills were part of the many bills that the president had rejected and forwarded his reasons to the National Assembly.

Naija News understands that the said bill is among the fourteen bills the President rejected in November, last year.

In a letter to the Senate, the President had explained that there was need ongoing consultations by the Ministry of Industry, Trade and Investment with relevant Ministries, Departments and Agencies (MDAs) on the tax holidays incentive, resume Expansion Project Investments in rural areas as well as for agriculture agro-processing to be concluded.

“It is my expectations that these consultations would result in fiscal measures that would greatly enrich the quality of the tax holidays incentive regimes for these types of projects and investments. We also expect that these fiscal measures, once finalized, would be subsequently submitted to the National Assembly by way of Presidential Executive Orders of executive bills for consideration and passage into law by the federal legislature,” he had said.

For the Bill to scale through, the Senate needs at least two-thirds majority, which is 73 senators to endorse the action.

The Senate also resolved to rework 11 rejected bills and resend to the president for assent.

However, the Senate said it would completely withdraw four bills that the president rejected.

The resolutions followed the adoption of the report of a special technical committee chaired by Sen David Umaru (APC, Niger).

Leave a Reply

Your email address will not be published. Required fields are marked *