VP Osinbajo presides over FEC meeting
HighlightNews From MDA'STop StoryTrending Story

FEC ratifies 2022 Finance bill

287

 

 

The Federal Executive Council (FEC) on Wednesday ratified the Finance Bill 2021/2022 fiscal year. The bill, which is currently before the National Assembly focuses on tax as well as reviewing and amending some 11 fiscal laws, the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced.

Briefing State House correspondents at the end of the meeting, the minister explained that rather than proposing new taxes, or increasing tax rates, the Finance Bill for the 2021/2022 fiscal year focuses on plugging loopholes and improving tax administration.

Ahmed said: “This draft bill was prepared by the Fiscal Policy Committee and it focused on tax and reviewing some fiscal laws and also amending some and these laws, about 11 in number, that have been affected. The purpose for us is to be able to refine our fiscal laws to improve tax compliance and also to enhance revenue generation.

“So, the proposed legislation falls under five broad categories. The first one of course, is domestic revenue mobilisation and various measures are proposed in the bill to enhance revenue.

“There’s also provisions that have been made to prevent the abuse of Personal Income Tax released by individual taxpayers and allowances to evade taxation.

“This second broad category is Tax Administration Reforms and this include provisions to support the FIRS ongoing reforms to fully automate and deploy technology to enhance collections and encourage taxpayer compliance and there are several measures in that category. But the third one is International Taxation Reforms.

Read Also: COVID-19 Intervention Fund: ICPC investigates UniPort Teaching Hospital, other health institutions

“This provision empowers the FIRS to better assess non-resident companies to taxation by taxing profits derived from digital services rendered to Nigerian customers and it’s also designed to reduce the tax compliance burdens on non-resident taxpayers that are not required to register in Nigeria as companies.”

On the objective of the bill, Ahmed said the third broad objective or the Finance Bill is financial reform to enhance tax equity.

“Most of these provisions that have been made are to enhance ongoing capital market reforms relating to securities lending transactions, real estate investment trusts, as well as the minimum taxation reductions that have been pioneered by the two previous Finance Bills.

“The fifth principle is Critical Public Financial Management and Reform. This reform was designed to strengthen the FIRS tax administration and coordination role in relation to the collection of taxes, vis-a-vis the responsibilities of relevant law enforcement agencies such as the Nigerian Police or the EFCC.

“Also to ensure and reinforce the supremacy of the fiscal rules and regulations as provided for by the Finance Controls and Management Act, as well as the 1999 Constitution, as amended,” the minister said.

 

 

Leave a comment

Related Articles

N1.3trn fraud: EFCC arrests, grills ex-Delta Gov. Okowa

A former Delta State Governor, Ifeanyi Okowa, has been apprehended by the...

Breaking: Pres. Tinubu orders release of #EndBadGovernance underage protesters

President Bola Tinubu has ordered the immediate release of all minors arrested...

Equatorial Guinea government official embroiled in sextape scandal

Mr. Baltasar Engonga, Director General of the National Financial Investigation Agency (ANIF)...

Just in: Seven new ministers take oaths of office

President Bola Tinubu has sworn in seven newly appointed ministers, directing them...

CAF ruling against Libya: Nigerian govt. promises to protect its citizens in Libya

Nigeria’s Ministry of Foreign Affairs has reaffirmed the federal government’s commitment to...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

Updated: After six years of injustice, Nigeria’s ex-Chief Justice, Onnoghen, finally gets justice

The Court of Appeal, Abuja Division, on Monday, overturned the conviction of...

Flood sacks 4 Anambra council areas as Soludo activates 27 IDP camps

By Emmanuel Ndukuba, Awka Floods have devastated four local government areas in...

Just in: Appeal Court acquits ex-CJN, Onnoghen, orders FG to unfreeze his account

The Court of Appeal sitting in Abuja on Monday discharged and acquitted...

Four-month salary: NASU, SSANU secure irrevocable commitment from FG, suspend strike

After a six-day strike, the Joint Action Committee (JAC) of non-teaching staff...

Three radio stations in Abia destroyed by mysterious fire

A mysterious fire has hit three radio stations in Abia in Abia...

Seven new ministers for inauguration on Monday, Nov. 4

President Bola Tinubu will preside over the oath-taking of seven new ministers...

Youth shot dead for playing football near VIP’s house

A 70-year-old man, Mr. Stephen Irobunda, has escaped a mob action in...

Renowned Nigerian filmmaker, director Dimeji Ajibola is dead

Dimeji Ajibola, the acclaimed Nigerian filmmaker behind the popular series Shanty Town,...

Just in: UK Conservative Party elects former Business Secretary Kemi Badenoch as new leader

Former British Business Secretary Kemi Badenoch has emerged as the new leader...

Demolition of Abuja N200bln properties: Restrain Wike, Estate Developers Beg Pres. Tinubu

President Bola Tinubu has been urged to intervene in the alleged demolition...

ECOWAS, Nigeria, Morocco, Mauritania Commit to $26bln African Atlantic Gas Pipeline Project

“The project, conceived in 2016 during King Mohammed VI of Morocco’s visit...

FirstBank’s retired CEO, Adeduntan, gets presidential commendation

Impressed with his exemplary career trajectory and transformative leadership, President Bola Tinubu...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....