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In 2022, The Finance Minister Mrs. Zainab Ahmed, Has Hinted At Probable New Taxes

In 2022, The Finance Minister Mrs. Zainab Ahmed, Has Hinted At Probable New Taxes
In 2022, The Finance Minister Mrs. Zainab Ahmed, Has Hinted At Probable New Taxes

Mrs. Zainab Ahmed, the Minister of Finance, has warned that additional tariffs and levies may be introduced in 2022.

Touchaheart Nigeria reports that while speaking to stakeholders at a public hearing on the 2021 Finance Bill organized by the House of Representatives Committee on Finance in Abuja on Monday December 13, Zainab said that a few reforms and amendments had been recommended in the draft 2021 Finance amendment bill, and that more would be introduced in the middle of 2022.

The minister stated that some improvements have been offered, but that more budgetary reforms are still in the works because the ministry was unable to include all of the suggestions received from stakeholders.

Zainab revealed that the finance ministry collaborated with relevant stakeholders and the Fiscal Policy Reform Committee to draft the 2021 Finance Bill. She also stated that the bill was a result of President Muhmmadu Buhari’s commitment made during the joint session of the National Assembly on October 8, 2021 when presenting the 2022 budget.

She further said that the ministry was kept out of certain areas due to current legal challenges in court against the Federal Government over VAT and Stamp Duties. The draft bill proposes to change the Capital Gains Tax Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp Duties Act, Tertiary Education Act, Value Added Tax, Insurance Police Trust Fund, and the Fiscal Responsibility Act, according to the Minister.

She said;

”Our aspiration is to do a midterm review with a possibility of another Finance Bill in mid-year 2022 to bring in more amendments.

“We prepared this draft bill along five reform areas, the first domestic revenue mobilisation, the second is tax administration and legislative drafting, third is International taxation, fourth is financial sector reforms and tax equity and fifth is improving public financial management reform.

“The provision in the draft bill is proposing to amend the Capital Gains Tax Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp Duties Act and Tertiary Education Act, Value Added Tax, Insurance Police Trust Fund and the Fiscal Responsibility Act.

“This is to amend the Police Trust Fund Act and the Nigerian Trust Fund Acts, the purpose is to empower the FIRS to collect the Nigerian trust fund levies on companies on behalf of the fund itself.

“Currently, because there is no such provision, the FIRS is unable to start collecting on behalf of the fund. Also, it is to streamline the tax and the levy collection from the Nigerian companies in line with Mr President’s administration ease of doing business policy.

“So we do not have NASENI going out to collect that tax, the FIRS will collect on their behalf during their collection process and it will be passed through to them.”

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