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.
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.
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.
