President Muhammadu Buhari has transmitted the Finance Bill, 2022 to the House of Representatives, requesting speedy passage to provide fiscal support for the funding of the 2023 budget.
Femi Gbajabiamila, speaker of the House read the letter conveying the proposed legislation at resumed plenary on Tuesday.
Buhari said in the letter that the proposed bill, when passed into law, “will provide the fiscal support for the implementation of the 2023 federal budget.”
According to the president, the Finance Bill, 2022 seeks to support the implementation of the 2023 federal budget of fiscal consolidation and transition by proposing key reforms to specific taxation, customs, excise, fiscal and other relevant laws.
Specifically, the bill makes provisions 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 bill is also designed to “respond to climate change challenges through incentives to support the utilisation of gas as a transition fuel, as well as disincentives for gas flaring and venting.
“Support job creation through sustained economic growth, in partnership with key international developmental and other agencies.
“Implement fundamental corporate tax incentives’ reforms; and enhance revenue generation and tax administration through various fiscal and other measures.”
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The federal executive council had last Wednesday approved the transmission of the Finance Bill 2022 to the National Assembly for consideration and passage.
Zainab Ahmed, the minister of finance, budget and national planning 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.
Ahmed said other aspects of the finance bill include: chargeable assets; exclusion of losses and replacement of business assets.
“Under the Tax Equity pillar, all sectors of the economy would be brought into the tax net, including Capital Gains Tax from digital assets, Lottery and Gaming Business,” she said.
It also emerged that the joint appropriations and finance committees of the National Assembly were working on the final copy of the report of the 2023 budget defence which will be listed for consideration and adoption at plenary on Wednesday.
After consideration and adoption, the 2023 appropriation bill (budget) will be passed for third reading on Thursday before the lawmakers embark on Christmas and New Year break.
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