The President, Major General Muhammadu Buhari (retd.), has transmitted the Finance Bill 2021 to the National Assembly for consideration and passage to give legal backing to some of the proposals in the 2022 Appropriation Bill currently before the parliament.
The Speaker of the House of Representatives, Femi Gbajabiamila, read the cover letter on the bill at the plenary on Thursday. The letter, dated September 30, 2021, is titled ‘Transmission of the Finance Bill 2021 to the National Assembly for Consideration and Passage into Law in Support of the 2022 Budget.’
According to the letter, the bill 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, tax administration and legislative drafting reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.
Other objectives include to “accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.” “I trust that this bill will be favourably considered by the National Assembly, for passage into law so that it may provide fiscal support necessary for the implementation of the 2022 Federal Budget,” Buhari added.
