The National Assembly (NASS) on Wednesday passed the Finance Bill 2022 which was transmitted to the National Assembly by President Muhammadu Buhari, earlier this month (December).
POLITICS NIGERIA reports that the bill amends several laws specifically the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Petroleum Profits Tax Act, Stamp Duties Act, Value Added Tax, and Public Procurement Act.
Presenting a report on 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.
