The National Economic Council (NEC) on Tuesday approved the Finance Bill 2022.
The council, according to a statement issued by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, approved the memo at the end of its meeting presided over by his principal, Prof. Yemi Osinbajo, at the Presidential Villa, Abuja.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, presented the bill to the council.
She said the proposed bill was intended to be passed alongside the 2022 budget.
Ahmed said: “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.
“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).”