Posted by The Finance Bill, which calls for significant changes to certain tax, excise, customs, and fiscal legislation, 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 statutes that the bill alters.
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 Federal Inland Revenue Service, or FIRS, would also have its name changed to Nigeria Revenue Service under the proposed legislation.
The management will be led by a chief executive who will be known as the Commissioner General, while the board will be led by a chairman who will be independent of the management.
Additionally, the measure raises the tertiary education trust fund tax from 2.5% to 3% in rate.