As part of plans to cushion the effect of the coronavirus pandemic, the federal government has drawn up a stimulus package for workers.
The stimulus plan, according to the federal government, is the re-introduction of the 2012 corporate tax (exemption of profits) order, granting job-creation and tax rebates for employers.
Apart from this, there would be promotions, consumer-spending, fiscal strategies and policies, which would accelerate the ease of doing business-related fiscal reforms.
All these were contained in a release issued by the Special Adviser to the Minister of Finance, Mr Yunusa Tanko Abdullahi.
Other reviews to be made include: “Review of fiscal incentives under the national automobile policy; review of process and approvals of import duty exemption certificates; tax expenditure studies and evaluation of current suite of fiscal incentives.”
“Accelerating the recovery in Gross Domestic Product (GDP) growth and stemming inflationary pressures; raising revenues and resources to finance critical expenditure, service debt and meet other obligations; increasing oil and non-oil revenues to finance priority capital and recurrent expenditures; and enhancing fiscal consolidation to rebuild fiscal buffers and increase resilience against fiscal shocks,” the statement read.