Nigeria’s President, Muhammadu Buhari has sought the consideration and approval of the.
The request by the President seeking the passage of the bill into law was contained in a letter dated December 7, 2021.
Buhari, in the letter, explained that the request for the passage of the bill was made pursuant to the provisions of Sections 58 and 59 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
He explained that the Finance Bill, 2021, seeks to support the implementation of the 2022 budget by proposing key reforms to specific taxation, customs, excise, fiscal, and other relevant laws.
He added that the bill provides for enhanced Domestic Revenue Mobilization efforts to increase tax and non-tax revenues; and ensure Tax Administration and Legislative Drafting Reforms, particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.
Buhari stated that upon passage, the bill would accelerate international tax reforms to enhance the taxation of non-resident individuals and companies.
