FEC Approves Finance Bill 2022

The Federal Executive Council (FEC) has approved the Finance Bill 2022 designed to support the implementation of the 2023 budget.

The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, announced this Wednesday while briefing State House reporters after the federal cabinet meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

She said with the approval of the finance bill by the council, President Muhammadu Buhari would convey it to the National Assembly for consideration.

She said the bill has five focus areas including tax equity reforms, climate change and green growth provisions, job creation and economic growth reforms, reforming tax incentives as well as generating revenue enhancing tax administration.

She said: “We have been working on this bill and have done a lot of consultations….The purpose of the tax equity reforms is to combat tax evasion and aggressive tax planning practices that some companies operating in Nigeria are involved in but also enabling the utilisation of ICT tools and using international best practice to assess taxpayers’ tax on a fairly reasonable basis.

“This finance bill is amending a number of fiscal laws, including the Capital Gains Tax, Company Income Tax, Customs Excise Tariff Act, Federal Inland Revenue Service Act, Personal Income Tax, Stamp Duties Act, Tertiary Education Tax, VAT Act, Insurance Act, Nigerian Police Trust Fund Act, as well as the National Agency for Engineering Act NASANI, Finance Control Management Act, as well as Fiscal Responsibility.”