The President, Muhammadu Buhari, on Tuesday, sent the Finance Bill 2021 to the two chambers of the National Assembly for consideration and approval.
He said the piece of legislation would ensure effective implementation of the 2022 budget.
President of the Senate, Ahmad Lawan read Buhari’s request on the floor of the Senate during plenary.
Buhari said, “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 bill provides for enhanced domestic revenue mobilisation efforts to increase tax and non-tax revenues,” he added
Buhari said the Finance bill would provide effective tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.
The President further noted that the bill would accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.
Buhari said the bill would also ensure effective implementation of financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment unit trust schemes and the recapitalisation of insurance companies.
He added that the financial legal framework would help his government to give priority to 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.