SENATE LOOKS SET TO AMEND FINANCE ACT ONE MONTH AFTER PASSAGE
The Nigerian Senate says there are indications that the Finance Bill now Finance Act may be amended any time soon, this is after the Comptroller General of the Nigeria Customs Service, Col. Hameed Ali informed the Senate Committee on Finance that the Customs is no longer a revenue generating agency due to the amendment of some sections of the country’s laws.
This came to light Monday at an Interactive Session with revenue-generating agencies on the Need to improve the IGR of the government.
Col. Ali said the passage of Section 68 subsection Federal Inland Revenue Service Act has now taken precedence over any other law in terms of administration, collection, and levies, thus relegating the Customs to the background.
In their submissions, the Senate President, Ahmad Lawan and the Chairman, Senate Committee on Finance, Solomon Adeola, therefore revealed that the recently passed Finance Bill is much open to be amended to address the noted grey areas.
On 31st December, 2021, President Muhammadu Buhari signed the Finance Bill (now Finance Act) into law.
The Finance Act was signed into law alongside the 2021 Appropriation Bill (now Appropriation Act); this Act introduces significant changes to a number of tax and regulatory laws in Nigeria including the introduction of COVID-19 incentives.