December 03, (THEWILL) – President Muhammadu Buhari on Thursday transmitted Finance Bill 2021 to the House of Representatives for consideration and passage along with the 2022 Appropriation Bill presently before the National Assembly.
The President had on October 7 presented a total N16.39 trillion budget, to a joint session of the National Assembly.
To ensure effective implementation of the budget, the President, pursuant to Sections 68 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), formally requested that the House of Representatives consider the bill for passage into law.
According to a letter read by the Speaker, Femi Gbajabiamila, at the commencement of plenary, the bill seeks to support the implementation of the 2022 budget by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
The bill, as contained in the letter, specifically provided for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues and tax administration and legislative drafting reforms, particularly to support ongoing automation reforms by the Federal Inland Revenue Service (FIRS).
The proposed legislation also intends to accelerate international taxation reforms to enhance taxation of non-resident individuals and companies that nevertheless derive profit from Nigeria.
The letter read in part: “Pursuant to Sections 68 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), Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive Profits from Nigeria, 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.
“Prioritise 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 & Management) Act and other relevant laws. 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. Please accept, Right Honourable Speaker, the assurances of my highest consideration.”
About the Author
