The Finance Bill 2020, proposed by President Muhammadu Buhari, scaled the first and second reading on Wednesday in the Senate.
The Finance Bill proposes an additional five per cent increase in the penalty payable by anyone who fails to remit Value Added Tax (VAT) deductions from five to 10 per cent.
Senate Leader, Yahaya Abdullahi, stated this in his lead debate on the Bill during plenary in Abuja.
The Bill was transmitted to the National Assembly on Tuesday by President Buhari.
It also seeks to make Tax Identification Number (TIN) a mandatory requirement for opening a new company or business account in the country.
Abdullahi said the Executive Bill seeks to amend 12 existing Acts, like the Capital Gains Tax Act;
Companies Income Tax Act; Personal Income Tax Act; Tertiary Education Trust Fund (Establishment) Act; Customs and Excise Tariff, etc (Consolidated) Act and the Value Added Tax (VAT).