The National Economic Council (NEC) has granted its approval to a memorandum on finance bill 2022.
Vice-President Yemi Osinbajo headed the virtual emergency NEC meeting which was held on Tuesday.
According to a statement issued after the meeting by the Senior Special Assistant to the Vice-President on Media, Laolu Akande, stated that the bill was brought forward to the council by the Minister of Finance, Budget, and National Planning, Zainab Ahmed.
Akande referenced the Minister of Finance statement that the proposed bill was planned to be passed alongside the 2022 budget.
Ahmed stated that some of the proposed legislative changes focus on domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms and also, international taxation issues.
She added that some of the principles of the proposed finance bill 2022 were to ensure fiscal equity, avoid double taxation, and support businesses, especially micro, small and medium enterprises (MSMEs).
She said NEC approved the bill after some amendments of a few observations.
