President Muhammadu Buhari is requesting that the Senate enact the Finance Bill, 2021, in order to improve the execution of the 2022 appropriation bill.
This was contained in a letter forwarded to the Senate and read aloud on the floor by Senate President Ahmad Lawan at the start of Tuesday’s plenary.
The bill, according to President Buhari, intends to promote the execution of the 2022 budget by proposing major reforms to certain taxation, customs, excise, fiscal, and other pertinent legislation.
The law, as stated in the letter, notably asked for increased domestic revenue mobilization efforts to raise tax and non-tax revenues, as well as tax administration and legislative drafting improvements, particularly to assist the Federal Inland Revenue Service’s ongoing automation innovations (FIRS).
The proposed law also aims to speed up international taxation changes in order to improve taxes on non-resident people and businesses that draw profits from Nigeria.
On October 7, the President submitted a N16.39 trillion budget to a joint session of the National Assembly, which is now being debated in the legislature.
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