The National Economic Council on Tuesday endorsed the Finance Bill 2022.
The Council, composed of all State Governors, FCT Minister, Central Bank Governor, and federal government officials, approved the bill at a virtual meeting presided over by Vice President Yemi Osinbajo.
Highlights of the bill were presented to the Council by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed who explained that the proposed bill is intended to be passed alongside next year’s budget.
According to the Minister, some of the proposed legislative changes cover 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 MSMEs.
Spokesman to the vice president, Laolu Akande said in a release that members of the Council endorsed the bill subject to a few observations to be made.