FG to slash levy on imported cars to 5percent

FG to slash levy on imported cars to 5percent

- The Buhari government has slashed level on imported cars

- In some cases, the levy was slashed from 35% to 10 percent

- Also, the FG has also proposed tax relief for to companies that donated to the COVID-19 relief fund

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In what will come as good news to many Nigerians who are planning to buy vehicles, the federal government has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent.

The Cable reports that this is contained in the draft bill of the 2020 finance bill to be presented to the national assembly.

Also, the bill grants tax relief to companies that donated to the COVID-19 relief fund under the private sector-led Coalition against COVID-19 (CACOVID).

FG to slash levy on imported cars to 5percent

The federal government has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent. Photo: Sahara Reporters
Source: UGC

Meanwhile, Legit.ng had reported that as Nigeria continues to experience her own share of troubles citizens have been urged to rally in support of President Muhammadu Buhari. The call was made by Governor Aminu Waziri Tambuwal of Sokoto state.

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According to him, the president must be supported by all and sundry to overcome evil forces in the country. He disclosed this while receiving the Shehu of Bama who paid him a courtesy call.

The governor said:

“We must work together as people and as leaders and support the federal government to establish peace in troubled areas across the country.

“We will continue to support the President to overcome evil forces who are all out to destabilize our nation."

Legit.ng also reported that President Buhari on Thursday, October 8, disclosed that the Nigerian economy was facing some challenges.

The Nigerian president told members of the National Assembly that the nation's economy could slide into another recession in the third quarter of 2020.

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Meanwhile, Nigeria’s inflation rate jumped to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

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This was contained in the consumer price index report released by the National Bureau of Statistics (NBS) on Monday, November 16.

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Source: Legit.ng News

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