The Finance Bill, which calls for significant changes to certain tax, excise, customs, and fiscal laws, has been approved by the National Assembly.
The Capital Gains Tax Act, Personal Income Tax Act, Companies Income Tax Act, Stamp Duties Act, Petroleum Profits Tax Act, Value Added Tax, and Public Procurement Act are among the laws that the bill amends.
While presenting a report on the Finance Bill as the chairman of the Finance Committee, Senator Solomon Adeola noted that the bill’s goal is to increase tax equity by bringing more economic sectors under the tax net and ensuring a more equitable distribution of revenue receipts to all levels of government.
The bill also seeks to change the name of the Federal Inland Revenue Service, FIRS, to Nigeria Revenue Service.
The board is to be headed by a chairman who is separate from the management, while management will be headed by a chief executive who will be known as the Commissioner General.
Also, the bill increases the rate of the tertiary education trust fund tax from 2.5% to 3%.
