Federal Executive Council has approved contracts for purchase of 68 operations vehicles for the Nigeria Customs Service
Minister of Finance, Kemi Adeosun disclosed this while briefing State House Correspondents after the weekly FEC meeting presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja
Adeosun said the new Ford Pick up operational vehicles were procured from Messrs Wada Autos Limited at the cost of N1,550,187,713.00 for Nigeria Customs Service (NCS).
The operational vehicles currently available for the NCS are grossly inadequate for effective anti-smuggling activities.
The Finance Minister stated that the purchase was influenced by the need to effectively patrol the borders of the country, enhance Customs’ bid to suppress smuggling and increase revenue collection gave rise to the request to purchase 68 operational vehicles.
“Having identified the need, the Service made provision for the purchase of 68 operational vehicles, Hilux, in its 2017 capital appropriation.”
The Minister also presented Memorandum for consideration and approval for the report of the National Tax Policy Implementation Committee on Tax Laws Reform.
The Federal Executive Council had on 1st February, 2017, approved the revised National Tax Policy in order to have a robust tax system that would promote investment and improve revenue for sustainable national development.
The proposed tax laws reform by the National Tax Policy Implementation Committee(NTPIC) is expected to amongst other things, remove obsolete, ambiguous and contradictory provisions in the laws, increase Government revenue, simplify the process of paying taxes and doing business, promote Micro, Small and Medium Enterprises, and protect most vulnerable persons in the society.
The NTPIC has produced two (2) Executive Orders and five (5) Amendment Bills.
They include the Value Added Tax Act (Modification) Order, as well as the “Review of Goods Liable to Excise Duties and Applicable Rate Order.”
Under the new policy, the Minister briefed government on the Companies Income Tax Act (Amendment) Bill, Value Added Tax Act (Amendment) Bill., Customs, Excise, Tariff ETC (Consolidation) Act (Amendment) Bill.
Others include the Personal Income Tax Act (Amendment) Bill and Industrial Development (Income Tax Relief) Act (Amendment) Bill
The new tax policy will also see to the amendment of Stamp Duties (Amendment) Bill, 2017 and the Associated Gas Re-Injection Act.
Tony Ailemen, Abuja
