The Senate on Tuesday passed the Finance Bill 2021, transmitted to the National Assembly by President Muhammadu Buhari, on December 7, 2021.
The passage of the bill two weeks later, followed the consideration of a report by the Joint Committee on Finance; Customs, Excise and Tariff; Trade and Investment.
Chairman of the Joint Committee, Senator Solomon Olamilekan Adeola, in his presentation, said the bill seeks to support the implementation of the 2022 Federal Budget of Economic Growth and Sustainability by proposing key specific taxation, customs, excise, fiscal and other relevant laws.
According to the lawmaker, a total of 12 acts were amended under the finance bill which contains thirty-nine clauses.
He added that the bill seeks to promote fiscal equity, align domestic tax laws with global best practice, introduce tax incentives for infrastructure and capital markets, support small businesses and promote increased government revenue.
“The Finance Act 2020 was predicated essentially on having no new taxes and no new incentives due to the COVID -19’s impact on the economy as such it was structured across four broad thematic areas; Enacting counter cyclical measures and crisis intervention initiatives; Tax, fiscal responsibility, and public procurement reforms; Reforming fiscal incentives policies for job creation; Ensuring closer coordination of monetary, trade and fiscal policies; and Enhancing tax administration”, Senator Adeola said.
Meanwhile, the Senate on Tuesday also passed a bill to amend the 2021 Appropriations Act.
The bill sponsored by the Senate Leader, Yahaya Abdullahi, scaled through second and third reading after it was considered during plenary.
The 2021 Appropriations Act (Amendment) bill seeks to extend the implementation of the capital aspect of the Appropriation Act 2021 from December 31, 2021, to March 31, 2022.
