• About
  • Advertise
  • Privacy & Policy
  • Contact
Page3News
Advertisement
  • About Us
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
  • Foreign News
  • Features
  • Opinion
No Result
View All Result
  • About Us
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
  • Foreign News
  • Features
  • Opinion
No Result
View All Result
Page3News
No Result
View All Result
Home News

Prepare for more taxes, levies, tariffs in 2022, FG alerts Nigerians

Page3News by Page3News
December 14, 2021
in News
0
Prepare for more taxes, levies, tariffs in 2022, FG alerts Nigerians
0
SHARES
210
VIEWS
Share on FacebookShare on Twitter

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed yesterday asked Nigerians to brace for more taxes, levies and tariffs.

She however said the new taxes and levies will not be introduced until there is improvement in the economy.

•Hardship to be expected with the introduction of the multiple taxation

The minister, during a public hearing organised by the House of Representatives Committee on Finance on the 2021 Finance Bill at the National Assembly.

House of Representatives Speaker, Femi Gbajabiamila stressed the need to repositioning  the nation’s financial system to plug wastes, close openings for corruption, create opportunities for employment and stimulate stability and growth in the nation’s productive sectors.

The minister disclosed that there was the need for the country to focus more on non-oil sector revenue to finance critical infrastructure.

She said the non-oil sector has performed better than the oil sector, recording about 171.3 per cent above the projected figure as at September 30, 2021, averaging N1.31 trillion.

Mrs Ahmed said: “As of September 2021, the Federal Government’s retained revenue was N4.56tr, achieving 75% of Budget; Federal share of Oil Revenues was N845 billion (representing 56.3% pro-rated performance). Federal share of Non-Oil revenues was N1.31 trillion (117.3% above budget).

“Companies Income Tax (CIT) & Value Added Tax (VAT) collections were N616 billion and N274.4 billion representing 121% and 153%, respectively, of the pro-rata targets. Also, Customs collections were N418.97 billion.

“Clearly, our ongoing fiscal reforms of the last six years are yielding tangible results. However, the ministry is closely studying the following issues, developments & policies.”

The minister said some reforms and amendments had been recommended in the drafted 2021 finance amendment bill, adding that more will be introduced in the middle of 2022.

She said more fiscal reforms were still in view as the ministry could not take all the proposals collected from stakeholders.

“While these issues may require most increases in taxes and tariffs on certain businesses, industries, and individuals over the medium term…,” Ahmed said in her closing remarks.

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

Ahmed explained that the ongoing cases in court against the Federal Government on VAT and stamp duties had prompted the finance ministry to steer clear of those areas.

She, however, expressed hope that by mid-2022, the cases might have been dispensed with, and reforms in those areas could be proposed for parliament to consider.

Mrs Ahmed said there may be need to revisit the antiquated stamp duties and capital gains tax for holistic reform by the parliament.

“We prepared this drafted 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 finance minister said.

“The provision in the drafted 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’s 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.”

Tags: 2021achieving 75% of Budget; Federal share of Oil Revenues was N845 billion (representing 56.3% pro-rated performance). Federal share of Non-Oil revenues was N1.31 trillion (117.3% above budget)averaging N1.31 trillionBudget and National Planningclose openings for corruptioncreate opportunities for employment and stimulate stability and growth in the nation’s productive sectorsFemi Gbajabiamila stressed the need to repositioning  the nation’s financial system to plug wastesHouse of Representatives Speakerlevies and tariffsMrs Ahmed said: “As of September 2021Mrs Zainab Ahmed yesterday asked Nigerians to brace for more taxesrecording about 171.3 per cent above the projected figure as at September 30She said the non-oil sector has performed better than the oil sectorthe Federal Government’s retained revenue was N4.56trThe minister disclosed that there was the need for the country to focus more on non-oil sector revenue to finance critical infrastructureThe Minister of Finance
Previous Post

Japan considering not sending Government officials to Beijing 2022

Next Post

Fears, Concerns For Nigerian Banks In 2022

Page3News

Page3News

Next Post
Fears, Concerns For Nigerian Banks In 2022

Fears, Concerns For Nigerian Banks In 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FG Appoints Osifo DG National Population Commission

FG Appoints Osifo DG National Population Commission

August 12, 2022
JUST IN: Okonjo-Iweala’s son, Uchechi, breaks medical record in the US

JUST IN: Okonjo-Iweala’s son, Uchechi, breaks medical record in the US

October 28, 2021
FG Calls For Calm As Foreign Terrorists Set Date For Abuja Invasion

FG Calls For Calm As Foreign Terrorists Set Date For Abuja Invasion

December 23, 2021
Lagos State Introduces Residential Parking Levy

Lagos State Introduces Residential Parking Levy

August 26, 2022
Cynosure Sees Red, Concedes 1st Goal at Unity Preseason Tournament

Cynosure Sees Red, Concedes 1st Goal at Unity Preseason Tournament

2
JUST IN: Security Agencies Rescue Abducted Victims of University of Abuja

JUST IN: Security Agencies Rescue Abducted Victims of University of Abuja

1
I’ll Have To Live With Penalty Miss, Says Kane

I’ll Have To Live With Penalty Miss, Says Kane

1
Facebook changes company name to Meta

Facebook changes company name to Meta

1
Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

March 25, 2023
Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

March 25, 2023
FIFA Women’s World Cup Trophy Now In Nigeria

FIFA Women’s World Cup Trophy Now In Nigeria

March 25, 2023
Britain To Announce Plan To House Migrants On Military Bases Within Weeks – Sky News

Britain To Announce Plan To House Migrants On Military Bases Within Weeks – Sky News

March 25, 2023

Recent News

Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

March 25, 2023
Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

March 25, 2023
FIFA Women’s World Cup Trophy Now In Nigeria

FIFA Women’s World Cup Trophy Now In Nigeria

March 25, 2023
Britain To Announce Plan To House Migrants On Military Bases Within Weeks – Sky News

Britain To Announce Plan To House Migrants On Military Bases Within Weeks – Sky News

March 25, 2023
Page3News

We bring you news from around the world as it breaks

Follow Us

Browse by Category

  • Business
  • Economy
  • Education
  • Energy
  • Entertainment
  • Environment
  • Features
  • Foreign News
  • Health
  • ICT
  • Judiciary
  • Legislature
  • News
  • Opinion
  • Politics
  • Press Release
  • Sports
  • Uncategorized

Recent News

Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

Bus Drivers At UK’s National Express Accept 16.2% Pay Deal

March 25, 2023
Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

Super Eagles’ Jersey Only For Committed Players – Disappointed Gusau

March 25, 2023
  • About Us
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
  • Foreign News
  • Features
  • Opinion

© 2021 Page3News

No Result
View All Result
  • About Us
  • News
  • Business
  • Politics
  • Sports
  • Entertainment
  • Foreign News
  • Features
  • Opinion

© 2021 Page3News