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HomeTop NewsPresident Buhari seeks amendments to tax law, others in Finance Bill 2022

President Buhari seeks amendments to tax law, others in Finance Bill 2022

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President Muhammadu Buhari has sent the Finance Bill, 2022, to the House of Representatives, hoping for an expedited passage to provide support for the 2023 budget.

At the resumed plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, read the letter conveying the piece of legislation to the legislators.

Buhari explained in the letter that if the proposed bill becomes law, it will provide fiscal support for the implementation of the federal budget for 2023.

Last Wednesday, the Federal Executive Council (FEC) approved the Finance Bill 2022 for transmission to the National Assembly for consideration and passage.

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According to the Minister of Finance and Budget, Zainab Ahmed, the proposed bill is based on five fundamental policy drivers: tax equity, climate change, job creation/economic growth, tax incentives reform, and revenue generation/tax administration.

Other aspects of the Finance Bill, according to Ahmed, include chargeable assets, loss exclusion, and business asset replacement.

The Finance Bill 2022 proposed changes to several fiscal laws, including the capital gains tax, corporation income tax, Customs Excise Tariff Act, Federal Inland Revenue Service Act, personal income tax, and Stamp Duties Act.

Others include the Tertiary Education Tax Act, the Value Added Tax Act, the Insurance Act, the Nigerian Police Trust Fund Act, the National Agency for Engineering Act, the Finance Control Management Act, and the Fiscal Responsibility Act.

The lawmakers also adopted a report presented by the Committee on Information, National Orientation, Ethics, and Values, presented by Olusegun Odebunmi, and passed a Bill for an Act to Provide for the Regulation and Conduct of the Practice of the Broadcasting Profession in Nigeria, and for Related Matters.

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