Department Of Commercial & Industrial Law

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An Appraisal of Finance (Miscellaneous Taxation Provisions) Bill 2004
(Nigerian Journal of Legislation, 2004) SANNI, A.O
The fiscal policy measures of the 2001 Budget were geared towards improving the industrial climate and stimulating higher capacity utilisation; providing adequate protection for domestic industries against unfair competition from imports and dumping of manufactured goods; providing a level-playing field for investors in the various sectors of the economy; encouraging diversification of foreign exchange earnings through increased export activities especially in the non-oil sector; reducing operating costs and inflationary pressures; creating new jobs and reducing the upper band of the country’s tariff regime to accord with trade movement worldwide particularly within the West African sub-region. The measures proposed to achieve these goals include alleviating the tax burden on individuals and enhancing their disposable income, ensuring equitable distribution of Value Added Tax (VAT). Adjustment of tariffs on certain goods, shift from import prohibition to import restriction, export promotion, port reforms, strengthening of tax authorities and establishment of a non-oil revenue committee.