National Assembly Passes Finance Bill

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The Finance Bill, which proposes key reforms to specific taxation, customs, excise, and fiscal laws, has been passed by the National Assembly.

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

Senator Solomon Adeola, Chairman of the Finance Committee, presented a report in the Finance Bill, stating that the bill is intended to improve tax equity by bringing more economic sectors into the tax net and ensuring a more equitable distribution of revenue receipts to all levels of government.

The Finance Bill proposes renaming the Federal Inland Revenue Service (FIRS) to the Nigeria Revenue Service.

The board will be led by a chairman who will be independent of management. The management will be led by the Commissioner General, who will be the chief executive.

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