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FG approves finance bill 2022 with focus on climate change, green growth

Federal Executive Council (FEC) has approved the Finance Bill 2022 which is meant to support the implementation of the 2023 budget.

Minister of Finance, Budget and National Planning, Zainab Ahmed, announced this to State House correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

The minister said that the bill had five focus areas including tax equity reforms, climate change and green growth provisions, job creation and economic growth reforms, reforming tax incentives as well as generating revenue.

She said the purpose of the tax equity reforms was to combat tax evasion and aggressive tax planning practices that some companies operating in Nigeria.

According to her, the climate change green growth focus will complement non-fiscal reforms that are designed to reduce greenhouse emissions.

“The third focus area, job creation and economic growth is also designed to complement the ease of doing business and other reforms to support capital formation by the private sector as well as to foster enabling business environmental for micro, small and medium enterprises for youth as well as women in businesses.

“ It will also help to enhance the performance of businesses that are in the FineTech, the ICT, entertainment, fashion, sports as well as the art space.

“The fourth tax incentive is to phase out antiquated pioneer, and other tax incentives for mature industries and moving a revised set of incentives to real infant industries, through economic governance reforms.

“The fifth focus area – revenue generation and tax administration is to complement the ease of doing business and other reforms that enhanced tax administration, as well as introduced targeted this kind of non-fiscal reforms to amend, address and cure defects in existing tax and non-tax laws as well as regulations.’’

Mrs Ahmed said the Finance Bill would amend a number of fiscal laws, including the Capital gains tax, Company income tax, Customs excise tariff Act, Federal Inland Revenue Service act, Personal income tax, and Stamp duties act.

She listed other fiscal laws to be amended as the Tertiary education tax, VAT act, Insurance act, Nigerian Police Trust Fund act, as well as the National Agency for Engineering (NASANI) act, Finance Control Management act, as well as the fiscal responsibility.

“So with this approval from council, the president will be conveying to the National Assembly, a request for the consideration of this bill.’’

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