The Senate on Tuesday received President Muhammadu Buhari ‘s request for consideration and passage of the Finance Bill 2021 to give legal backing to some of the proposals in the 2022 Appropriation Bill
The president of the Senate Ahmad Lawan read the president’s letter during plenary
According to the letter The finance bill 2021 seeks to support the implementation of the 2022 federal budget of Economic Growth and Sustainability by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
The President said the proposal was aimed at enhancing domestic revenue mobilisation efforts to increase tax and non-tax revenues as well as tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service, FIRS.
Other objectives of the finance bill include accelerate international taxation reforms to enhance the taxation of non resident individuals and companies that nevertheless, derive profits from Nigeria.
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Implement financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment unit trust schemes and the recapitalisation of insurance companies
The bill also seeks to Priotise critical public financial management reforms regarding the FIRS vital role in coordinating tax administration as well as the enforcement of key fiscal rules under the 1999 Constitution, finance, control and management Act and other relevant laws.
Editor: Paul Akhagbemhe
