President Muhammadu Buhari has sought the consideration and approval of the Senate for the Finance Bill 2021.
The request by the President seeking the passage of the bill into law was contained in a letter dated December 7, 2021.
Buhari, in the letter, explained that the request for the passage of the bill was made pursuant to the provisions of Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
He explained that the Finance Bill, 2021, seeks to support the implementation of the 2022 budget by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
He added that the bill provides for enhanced Domestic Revenue Mobilization efforts to increase tax and non-tax revenues; and ensure Tax Administration and Legislative Drafting Reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.
Buhari stated that upon passage, the bill would accelerate international tax reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profit from Nigeria; and implement Financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment trusts, and the recapitalisation of insurance companies.
He noted that the finance bill would also 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 and Management) Act and other relevant laws.