“The power to issue regulations must be derived from the Finance Act.”
Babington-Ashaye said without proper notification of the commencement of the Finance Act, the general public might refuse to comply with the new rate or any other provisions in the Finance Act 2019 and it might lead to court cases.
The former Executive Chairman, Ogun State Internal Revenue Service, also said that without the pronouncement on the commencement date, the law could not be alleged by the revenue agencies in court or tax tribunal.
The tax expert said such Act in developed climes such as the United Kingdom and even in African country such as Kenya had commencement dates.
She said that it would help for the best interest of tax development in Nigeria.
Watch Live News
- UN defends WHO against allegation of being China-centric on COVID-19
- COVID-19: Katsina Govt. lifts suspension on Friday prayers
- COVID-19: Police nab 2 pilots for allegedly violating restrictions on local flight in Rivers
- Golf-Immelman says Masters in November presents new challenge
- Police warn residents against violating restriction order in Niger
- Oyo govt. to establish energy centre to generate electricity
- Sanitize your mobile phone jackets as safeguard against COVID-19 pandemic, Doctor advises
- Nigeria records 16 fresh COVID-19 cases, as Katsina, Delta records first case
- COVID-19: Delta lawmaker distributes food items to contituents
- NiMet predicts thundery activities from Wednesday to Friday