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”.
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“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”.
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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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