The National Economic Council(NEC) presided over by Vice President Yemi Osinbajo has endorsed a memorandum on Finance Bill 2022.
The virtual emergency NEC meeting was anchored from the Presidential Villa, Abuja, on Tuesday.
Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, in a statement, said the bill was presented to the council by the Minister of Finance, Budget, and National Planning, Hajia Zainab Ahmed.
Ahmed told NEC that the proposed bill was intended to be passed alongside 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 a few observations to be made.