TheCable

The Nigeria Postal Services (NIPOST) has called for a review of the finance act, saying it is impeding its operations.

NIPOST made the appeal when the senate committee on communication led by Remi Tinubu, its chairman, paid an oversight visit to the headquarters of the agency on Tuesday.

Tinubu said the committee was aware of the seeming difficulties that face NIPOST.

She assured NIPOST of full legislative backings to aid its efforts to explore different business opportunities needed to reposition itself.

She further advised the postal body to come up with arguments capable of necessitating a review of the finance act.

While stating that lawmaking is dynamic, Tinubu said acts that had been assented to could be re-examined.

The committee commended NIPOST’s plan to float two companies targeted at creating new business potential for the postal organisation.

President Muhammadu Buhari had assented to the finance bill in January, saying the bill was aimed at reforming Nigeria’s tax laws “to align with global best practices”.

He had also said it would help in the support for businesses, incentivize investments in infrastructure and capital markets and raise government revenues.

It makes provisions for companies with an annual turnover of less than N25 million to be exempted from paying company income tax.

You can find more details about the bill here