Home / news / FG set to slash levy on imported cars from 35% to 5%

FG set to slash levy on imported cars from 35% to 5%

This is stated in the draft bill of the 2020 Finance Bill to be presented to the national assembly.

The bill which was recently approved by the Federal Executive Council will become law after it is passed by the legislature and assented by President Muhammadu Buhari.

It is stated in the bill that the import duty of tractors and motor vehicles for the transportation of goods has been slashed from 35 percent to 10 percent.

Companies that donated to the COVID-19 relief fund under the private sector-led Coalition against COVID-19 (CACOVID) are granted tax relief in then bill.

Also, in order to improve ease of doing business in the country, the bill proposes that software acquisition now qualifies as capital expenditure.

On Wednesday, November 18, 2020, the Minister of Finance, Budget, and National Planning, Zainab Ahmed, had said that the reduction in import duties and levies was meant to reduce cost of transportation.

She said, “The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production.

The minister said this while addressing state house correspondents at the end of the Federal Executive Council (FEC) on Wednesday.

About GIR

Check Also


Presidential, local elections start in Iran at 07:00

According to official statistics, 59,310,307 Iranians can cast votes in the presidential election with over 1.3 …


Chinese crewed spaceship docks with new space station

Chinese astronauts, from left, Tang Hongbo, Liu Boming, and Nie Haisheng wave as they prepare …


U.S. bishops to discuss whether Biden, Catholic politicians should get Communion if they support abortion rights

Whether in Washington, D.C., Delaware, or overseas, one thing is consistent for President Biden—he always …


Hong Kong police raid Apple Daily pro-democracy newspaper as China’s crackdown continues

Hong Kong — Hong Kong police arrested the chief editor and four executives of pro-democracy newspaper …


Israel hits Gaza with airstrikes after Hamas fires incendiary balloons

Israel launched airstrikes on the Gaza Strip late Thursday for a second time since a shaky cease-fire ended …


Uneasy calm in Ibarapa land over Saturday attack on Igangan community

Uneasy calm, on Monday, pervaded the atmosphere in some parts of Igangan Community in Oyo …


House of Reps fumes, summons Lai Mohammed over Twitter ban

“The House of Representatives recognises that Twitter, like other social media networks, is an important …


Kaduna University suspends undergraduate academic activities indefinitely

KASU Registrar, Mr Samuel Manshop, disclosed this in a statement in Kaduna. Manshop, who did …


Nigeria’s top Army chief Attahiru dies in plane crash

Attahiru was appointed Chief of Army Staff only four months ago. Nigeria’s Chief of Army …


Ex-cop facing murder charges in death of Rayshard Brooks wants back on the force

Former Atlanta police officer Garrett Rolfe was fired the day after he fatally shot Rayshard …