National Assembly passes Finance Bill

The National Assembly on Wednesday passed the Finance Bill, a legislation that proposes key reforms to specific taxation, customs, excise and fiscal laws.

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

Presenting a report in the Finance Bill, the Chairman of the Finance Committee, Senator Solomon Adeola, said the bill is intended to enhance tax equity by bringing more economic sectors into the tax net and ensuring a fairer distribution of revenue receipts to all tiers of government.

The Finance Bill 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. The management will be headed by a chief executive who will be known as the Commissioner General.

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