President Muhammadu Buhari yesterday in Abuja transmitted the 2021 Finance Bill to the Senate for consideration and passage.
Senate President, Ahmad Lawan, read the letter on the floor of the Upper Chamber during today’s plenary.
According to the President, specifically, the Bill provides for enhanced domestic revenue mobilization efforts to increase tax and non-tax revenues.
Buhari further seeks tax administration and legislative drafting reforms particularly to support the ongoing automation reforms by the Federal Inland Revenue Service.
It also seeks to accelerate international taxation reforms to enhance the taxation of non-resident individuals and companies that nevertheless, derive profits from Nigeria.
According to him, the Bill also seeks to implement financial sector reforms to support ongoing capital market reforms relating to securities lending transactions, real estate investment unit trust schemes and insurance companies’ recapitalization.