TheCable

The National Economic Council (NEC) has endorsed a memorandum on finance bill 2022.

A finance bill is a legislative bill proposing changes to taxes, levies, and duties in a fiscal year.

The virtual emergency NEC meeting was presided over by Vice-President Yemi Osinbajo on Tuesday.

In a statement after the meeting, Laolu Akande, senior special assistant to the vice-president on media, said the bill was presented to the council by Zainab Ahmed, minister of finance, budget, and national planning.

Akande quoted Ahmed as saying that the proposed bill was intended to be passed alongside the 2022 budget.

According to the minister, some of the proposed legislative changes cover domestic revenue mobilisation, 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 were to ensure fiscal equity, avoid double taxation, and support businesses, especially micro, small and medium enterprises (MSMEs).

She said NEC endorsed the bill subject to the amendment of a few observations.