The Nigerian Senate has officially passed into law the Finance Bill 2022 following a third reading on the floor of the Senate.
The bill was passed at plenary on Wednesday, following a motion by Senator Adeola Solomon for the Senate to receive and consider the report on the Finance Bill, 2022 by the Senate Committee on Finance.
The move was seconded by Senator Isah Jibrin after which the bill was read for the third time.
Senator Adeola laid and presented the report after which the Senate resolved into Committee of the Whole to consider the report and then reverted to Plenary to report progress.
The Minister of Finance, Budget and National Planning, Zainab Ahmed said the proposed bill is anchored on five fundamental policy drivers which are: Tax Equity; Climate Change; Job Creation/Economic Growth; Tax Incentives Reform; and Revenue Generation/Tax Administration.
Other aspects of the Finance Bill 2022 include chargeable assets, exclusion of losses, and replacement of business assets.
The 2022 Finance Bill also proposed amendments to some fiscal laws such as the capital gains tax, company income tax, Customs Excise Tariff Act, Federal Inland Revenue Service Act, personal income tax, and Stamp Duties Act.
