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.
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.