President Muhammadu Buhari, yesterday, transmitted the 2021 Finance Bill to the Senate for consideration and passage.
The news Agency of Nigeria (NAN), reports that Senate President, Ahmad Lawan, read the letter on the floor of the Upper Chamber during Tuesday’s plenary.
The letter was entitled, “Transmission of Finance Bill 2021 to the National Assembly for consideration and passage into law in support of the 2022 Budget.”
The letter reads: “Pursuant to Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria as amended, I formally request that the Finance Bill 2021 be considered by the Senate 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.”
The President said the Bill specifically provides for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues.
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.”
He further canvassed “tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service (FIRS),” as well as “to prioritise critical public financial management reforms regarding the FIRS vital role in coordinating tax administration.”
The Bill also seeks to accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless, derive profits from Nigeria.
Other provisions include, implementing financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment unit trust schemes and insurance companies’ recapitalization.
Also, is the enforcement of key fiscal rules under the 1999 Constitution, Finance, Control and Management Act and other relevant laws.
Thee President hopes 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.”