NOSA EGHAGHA
To provide fiscal support for funding the 2023 budget, President Muhammadu Buhari has transmitted Finance Bill 2022, to the House of Representatives, requesting speedy passage.
Femi Gbajabiamila, speaker of the House read the letter conveying the proposed legislation at plenary on Tuesday.
President Buhari, in the letter, said the proposed bill, when passed into law, will “provide fiscal support for the implementation of the 2023 Federal budget.”
He also said the Finance Bill 2022, seeks to support implementation of the 2023 Federal budget of fiscal consolidation and transition by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
“Specifically, the bill provided provisions to: enhance ‘Tax Equity’ by bringing more economic sectors into the tax net and ensuring a fairer distribution of revenue receipts to all tiers of government.
“Respond to Climate Change challenges through incentives to support utilisation of gas as a transition fuel, as well as disincentives for gas flaring and venting.
“Support job creation through sustained economic growth, in partnership with key international developmental and other agencies.
“Implement fundamental corporate tax incentives’ reforms; and enhance revenue generation and tax administration through various fiscal and other measures,” the presidential letter stated.
The Federal Executive Council (FEC), had on Wednesday last week, approved the Finance Bill 2022, for transmission to the National Assembly for consideration and passage.
Zainab Ahmed, Minister of Finance, Budget and National Planning had said the proposed bill is anchored on five fundamental policy drivers, including Tax Equity; Climate Change; Job Creation/ Economic Growth; Tax Incentives Reform and Revenue Generation/Tax Administration.
Ahmed said other aspects of the Finance Bill include; Chargeable Assets; exclusion of Losses and Replacement of Business Assets.
“Under the Tax Equity pillar, all sectors of the economy would be brought into the tax net including Capital Gains Tax from digital assets, Cable Undertakings, Lottery and Gaming Business,” she said.
