The House of Representatives of the Federal Republic of Nigeria, on 25 March 2020, passed the “Emergency Economic Stimulus Bill 2020”, in a bid to cushion the impact of the COVID-19 pandemic.
The Bill proposes to provide suspension of import duty on selected medical goods and deferral of residential mortgage obligations, further, employers who retain their employees from 1st of March 2020 till the 31st of December 2020 will be granted tax relief, with the exemption of companies that are partly or wholly taxable under the Petroleum Profit Tax Act.
Deferral of mortgage payment will apply to mortgages under the National Housing Fund while import duty waiver will apply to medical equipment, medicines, personal protection equipment and other medical necessities required for the treatment and management of the COVID-19 pandemic in Nigeria.