FG Considers Renaming FIRS In 2022 Finance Bill

FG Considers Renaming FIRS In 2022 Finance Bill

The Minister of Finance, Budget, and Economic Planning, Zainab Ahmed, appeared before the Senate Committee on Finance on Thursday to defend the amendments proposed to the 2022 Finance Act, which the President, Major General Muhammadu Buhari, sent to the National Assembly (retd.).

The minister briefed the panel on the key provisions of the Finance Act 2022, including the renaming of the Federal Inland Revenue Service to the Nigeria Revenue Service.

It also included reorganizing the FIRS board of directors by separating executive management from the board of directors.

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“The Chairman of the Agency will now be referred to as Commissioner General,” she said.

The Finance Act amendments were expected to be included in the 2023 Appropriation Bill, which is expected to be considered and passed next week.

This Finance Bill is the fourth in a series intended to supplement the budget cycle of January-December established by the 9th National Assembly with the 2020 Appropriation Act.

It also proposed that 35% of the electronic money transfer levy receipts be paid to local governments, as opposed to an initial 15% to the federal government and 85% to the state.

Earlier, the Chairman of the Senate panel, Senator Solomon Adeola, while welcoming the minister, explained that the bill generally sought to review and possibly amend sections of existing legislation on revenue for the nation.

He said, “The intent of these amendments is not only for generating increased revenue for the government but also providing clarity, removing ambiguities, providing succor for deserving persons and sectors as well as bringing our laws up to speed with global best practices.

“Let me restate that in our nation’s legislative development, the way forward at present is not much about enacting new laws as much as amendments of old laws to take care of new realities and reform observed shortcomings in the implementation of existing laws.

“Such new realities include the development of new technologies and their implications for revenue/income generation by individuals, corporate bodies, and government agencies. This among other realities and observed challenges are the rationale for the yearly amendments contained in the proposed Finance Bill.

“In the bill referred to the Committee, a total of 10 existing Acts are proposed for amendments namely:Capital Gains Tax Act, Companies Income Tax Act, Customs, Exercise Tarrif, etc (Consolation) Act, Federal Revenue Service Establishment Act e Personal Income Tax, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax Act, Corrupt Practices and other Related Offences Act, Public Procurement Act.

“In all 34 Sections of the various Acts are in the bill before us for consideration and possible amendments.”

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