President Muhammadu Buhari has transmitted the Finance bill, 2022 to the House of Representatives, seeking accelerated passage to provide support for the funding of the 2023 budget.
Buhari explained in the letter that the proposed legislation, when passed into law would provide the fiscal support for the implementation of the 2023 federal budget. The Minister of Finance, Budget and National Planning, Zainab Ahmed had said the proposed bill was anchored on five fundamental policy drivers, including Tax Equity; Climate Change; Job Creation / Economic Growth; Tax Incentives Reform and Revenue Generation / Tax Administration.
The Finance Bill 2022 proposed amendments to a number of 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.
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