JUST IN: National Assembly Passes Finance Bill

JUST IN: National Assembly Passes Finance Bill

The National Assembly has passed the Finance Bill, which proposes major changes to specific taxation, customs, excise, and fiscal laws.

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

Read Also JUST IN: Senate Passes 2022 Supplementary Budget Of N819.5bn

Senator Solomon Adeola, Chairman of the Finance Committee, said the bill is intended to improve tax equity by bringing more economic sectors into the tax net and ensuring a more equitable distribution of revenue receipts to all levels of government.

The Finance Bill proposes renaming the Federal Inland Revenue Service (FIRS) the Nigeria Revenue Service.

The board will be led by a chairman who will be independent of management. The management will be led by the Commissioner General, who will be the chief executive.

The bill also raises the tertiary education trust fund tax rate from 2.5% to 3%.

For More News Join Our WhatsApp Group With This Link Below

https://chat.whatsapp.com/HlD7kmxUzAc2lwlP7yuXzk