National Assembly passes Finance Bill, amends Stamp Duty Act, Petroleum Profit Tax Act, others

THE National Assembly has passed the Finance Bill, which proposes key reforms to specific taxation, customs, excise and fiscal laws.

The bill amends several laws, namely the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax, and Public Procurement Act.


READ ALSO:

Buhari sends N819.5bn supplementary budget to National Assembly

Controversy trails appointment of new Clerk of National Assembly

Buhari set to present N19.76trn 2023 budget to National Assembly

National Assembly workers call off strike





    Presenting a report on the Finance Bill, the chairman of the Finance Committee, Solomon Adeola, said the bill was intended 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.

    The bill seeks to change the name of the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service (NRS).

    The  board of the new NRS is to be headed by a chairman who is separate from the management. The management will be headed by a chief executive who will be known as the Commissioner-General.

    The bill also increases the rate of the tertiary Education Trust Fund tax from 2.5 per cent to 3 per cent.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    -Advertisement-

    Most read