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PLAC

Finance Bill, 2021 Scales Second Reading in the Senate

The Finance Bill, 2021 has been read for the Second Time in the Senate and referred to the Joint Committee on Finance; Customs and Excise; and Trade and Investment for further legislative action.

Leading the debate on the Bill at the plenary session of Wednesday, 8 December 2021, the Majority Leader of the Senate, Sen. Abdullahi Yahaya (APC: Kebbi) explained that the 2021 Finance Bill seeks to amend the following tax and finance laws in Nigeria:

  1. Capital Gains Tax Act
  2. Companies Income Tax Act
  3. Federal Inland Revenue Service (FIRS) (Establishment) Act
  4. Personal Income Tax Act
  5. Stamp Duties Act
  6. Tertiary Education Trust Fund (Est) etc.) Act
  7. Value Added Tax Act
  8. Insurance Act
  9. Nigeria Police Trust Fund (Est) Act
  10. National Agency for Science and Engineering Infrastructure Act
  11. Finance (Control and Management) Act
  12. Fiscal Responsibility Act

Sen. Yahaya mentioned that amendments to the aforementioned tax, excises and duty statutes is in line with the macroeconomic policy reforms of the Federal Government. The Joint Committee is expected to present its report on the 2021 Finance Bill  for consideration on Tuesday, 14 December 2021.

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