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‘Finance Act will encourage more investors, grow economy’

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Efforts by the Federal Government to make the business environment more competitive to attract investments, tax experts believe the Finance Act 2020, will encourage more investors and grow Nigeria’s gross domestic product (GDP).
   
They said it will also help small businesses to achieve better mileage in improving the economy since the bulk of the nation’s enterprise lies within this bracket.
   
Speaking on the Impact of Finance Act 2020 on Nigerian businesses, organised by Ascension Consulting Services in collaboration with Explorers Legal Practitioners, and TESB Management Consultants, themed, “Practical Implications of the Finance Act 2020,” Director, Strategic Communication, Nigeria Investment Promotion Commission (NIPC), Emeka Offor, said the Act would promote more investment in the country.
   

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Transition Lead, Domestic Taxes Group, Federal Inland Revenue Service (FIRS), Femi Oluwaniyi, said technology has been deployed to ensure maximum compliance from taxpayers to ensure the objectives of the Act are achieved.
   
Similarly, Professor of Taxation, University of Lagos, Abiola Sanni, who envisaged a quantum leap on tax reform initiatives, which he said, should be naturally be built around the law.
   
Senior Partner, Ascension Consulting Services, Azeez Alatoye, while evaluating how the Act would help businesses, said it would impact positively because there is a number of incentives for small businesses.
   
The event, Azeez noted was to review the Finance Act 2019 “with the hope of bringing the highlights to all our clients and Nigerians. To also look at the incentives in the Act, and the impacts on ones that are withdrawn on businesses, and areas that need amendment going forward.”
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