Finance act 2020 gives room for global best practices, says Ex CBN Boss

Former deputy governor of the CBN, Obadiah Mailafia says the finance act 2020 was necessary because it gives room for global best practices.

Mailafia told newsmen on Tuesday that the new law embraces the growth of e-commerce in Nigeria.

His defence comes, as the federal government continues to receive knocks from some quarters over the new law.

The Nigeria employers’ consultative association warned the government against seeing the private sector as a cash cow in its drive to increase revenue.

On the other hand, the Lagos chamber of commerce and industry said that it was inappropriate to compel loss-making firms to pay tax, no matter how little.

The law introduces a new regime of value added tax rate of 7.5 per cent, up from five per cent.