President Muhammadu Buhari has
asked the national assembly to pass the 2021 finance bill seeking to support
the tax reforms of the Federal Inland Revenue Service (FIRS).
A finance bill is a legislative
bill proposing changes to taxes, levies, and duties in a fiscal year.
On Tuesday, the National Economic
Council (NEC) endorsed a memorandum on finance bill for the 2022 budget.
In a letter read by Femi Gbajabiamila, speaker of the House of Representatives, during the plenary session on Thursday, Buhari said the bill will prioritise “critical public financial management reforms regarding the FlRS’ vital role in coordinating tax administration”.
“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 other
relevant laws. Specifically, this bill provides for enhanced 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),” the president
said.
Buhari said the bill will
“accelerate international tax reforms 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”.
According to him, the bill will
also “prioritize critical public financial management reforms regarding the
FlRS’ 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”.
Buhari asked the lawmakers to
pass the bill into law to provide fiscal support necessary for the
implementation of the 2022 budget.
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