2022 Finance Bill Proposes Fiscal Equity, To Support MSMEs, Check Double Taxation

Governors of the 36 states of the federation, as well as the FCT Minister, Governor, Central Bank of Nigeria, and Federal Government officials, on Tuesday at a virtual meeting of the National Economic Council, endorsed a memo on the 2022 Finance Bill, highlights of which was presented by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Shamsuna Ahmed.

Members of the Council, at the meeting chaired by Vice President Yemi Osinbajo, endorsed the Bill subject to a few observations

Mrs. Ahmed listed some of the proposed legislative changes of the proposed bill intended to be passed alongside next year’s budget, to include domestic revenue mobilization, closing tax loopholes, public financial management and tax administration reforms as well as international taxation issues. She added that some of the principles of the proposed Finance Bill 2022 are to ensure fiscal equity, avoid double taxation, and support businesses especially Micro Small and Medium scale Enterprises (MSMEs).