President Muhammadu Buhari has forwarded the 2021 Finance Bill to guide the implementation of the 2022 Appropriation to the National Assembly for passage.
According to The Nation, in a letter addressed to House of Representatives and read by Speaker Femi Gbajabiamila, the President said the Bill would help his administration to carry out some radical reforms in its finances.
The President’s letter reads: “Pursuant to sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I formally request that the Finance Bill, 2021, be considered by the House of Representatives, for passage into law.
“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.
“Specifically, this Bill provides for enhance 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 (FIRS).
“(It will also) accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.”
The Bill, the latter stressed, is also expected to “implement Financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment trusts, unit trust schemes and the recapitalisation of insurance companies”.