In response to the COVID-19 pandemic, Nigeria’s House of representatives has passed an ’emergency economic stimulus bill’ requiring the Federal Government to refund to firms 50% of the income tax paid on employee salaries.
However, the bill, which was introduced and passed during Tuesday’s plenary session, would need to be passed by the senate and sent to the president for assent to become law.
The bill seeks to protect employees and caution the economic implication of the pandemic for companies registered under the Companies and Allied Matters Act (CAMA) 2004. It also states that eligible companies would be those who do not retrench their staff from March 1 till December 31, 2020.
According to the bill, such employers shall during the period be “entitled to 50% income tax rebate on the total of the actual amount due or paid as pay as you earn (PAYE) tax under the personal income tax act cap C8 LFN 2004 (as amended)”.
The bill has provisions to suspend import duties on medical equipment and drugs required for the treatment and management of the COVID–19, for a period of three months, starting from the end of March.
In addition, it provides for deferment of all mortgage payments for a period of 180 days effective from March 1, 2020. The deferment is only applicable to residential mortgages obtained by individual contributors to the national housing fund.
In a statement, the Speaker, Femi Gbajabiamila said the bill is temporary and is meant to expire in December. He added that, “We can review the bill before the expiration date if, in the next few months, there is no need for it and we were able to beat the virus.”
As an Amazon Associate, TechCity may earn a small commission if you shop these products.
Alpha Grillers Instant Read Meat Thermometer for Grill and Cooking. Best Waterproof Ultra Fast Thermometer with Backlight & Calibration. Digital Food Probe for Kitchen, Outdoor Grilling and BBQ!
$15.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Step2 Rain Showers Splash Pond Toddler Water Table, Outdoor Kids Water Sensory Table, Ages 1.5+ Years Old, 13 Piece Water Toy Accessories, Blue & Green
$79.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire TV Stick, HD, sharp picture quality, fast streaming, free & live TV, Alexa Voice Remote with TV controls
$24.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Ailun 3Pack Privacy Screen Protector for iPhone 15 Pro Max [6.7 inch]+3Pack Camera Lens Protector,Sensor Protection,Dynamic Island Compatible,Anti Spy Tempered Glass[9H Hardness]-HD[Black][6 Pack]
$7.89 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
LaCroix Sparkling Water, Peach-Pear, 12 Fl Oz (pack of 8)
$2.50 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
TP-Link AX1800 WiFi 6 Router (Archer AX21) – Dual Band Wireless Internet Router, Gigabit Router, Easy Mesh, Works with Alexa - A Certified for Humans Device
$84.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire HD 8 Kids Pro | age 6-12 | Unleash creativity with included age-appropriate Amazon Kids+ content , robust parental controls, 13-hr battery | 32 GB, Hello Teal
$149.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire 7 tablet, 7” display, read and watch, under $60 with 10-hour battery life, (2022 release), 16 GB, Black
$59.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
65W Surface Pro Laptop Charger for Microsoft Surface Pro 10, 9, 8, 7+, 7, 6, 5, 4, 3, X, Windows Surface Laptop 6, 5, 4, 3, 2, 1, Surface Go Tablet, Surface Book 3, 2, 1, Support 44W, 36W, LED, 10FT
$22.90 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
