The Senate has passed the Finance Bill sent to them by the Executive to help fund the 2020 budget.

The bill passed third reading on the floor of the upper chamber on Thursday after clause by clause consideration of the document.

The finance bill sought 56 amendments to seven tax provisions including adjusting value added tax from 5 to seven point five percent.

It also seeks to amend the Customs and Excise Tariff Act to encourage local manufacturers.

The legislation under the bill include Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.