FG Reportedly Considers Additional Taxes for Nigerians in 2022

FG Reportedly Considers Additional Taxes for Nigerians in 2022

  • Nigerians may pay more in terms of taxes according to a comment by the minister of finance, Zainab Ahmed
  • From next year - 2022, modest changes have been proposed as the country's economic managers embark on reforms
  • The minister hinted that focus areas will include Stamp Duties and Capital Gains Tax as holistic reforms are embarked on

FCT, Abuja - The minister of finance, Mrs Zainab Ahmed has said there might be an introduction of new tariffs and levies in 2022, stressing that the Nigerian economy was now on a recovery path.

The Guardian newspaper reports that Ahmed made this known while addressing stakeholders at a public hearing on the 2021 Finance Bill organised by the House of Representatives committee on finance on Monday, December 13 in Abuja.

Buhari
The Buhari-led government hints at embarking on reforms in 2022 that would trigger an increase in taxes. Photo credit: Aso Rock Villa
Source: Facebook

She said that a couple of reforms and amendments had been recommended in the draft 2021 Finance amendment bill, adding that more will be introduced in the middle of 2022.

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The minister said that modest changes had been proposed but that more fiscal reforms were still in view as the ministry could not take all the proposals collected from stakeholders.

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Her words:

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

The minister said that there are ongoing legal cases in court against the federal government on VAT and Stamp Duties which was why the ministry stayed off those areas.

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

Ahmed said that there might be a need to revisit the antiquated Stamp Duties and Capital Gains Tax for holistic reform by the parliament.

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Cement prices rise by 44% in materials’ markets across Nigeria

Meanwhile, the prices of cement continue to rise in the building materials markets across the country.

The development has triggered a surge in housing prices and the overall cost of construction projects.

From December 2020 to November 2021, cement prices rose by 44 percent impacting prices of other products like blocks, rings, and others.

Over 7,000 Nigerians scramble to get FG new houses

In a related development, a total of 7,315 Nigerians have applied for the recently announced 5,000 federal government housing units across the country.

The massive application for the housing units built under the National Housing Programme comes just one week after the launch of the initiative by the minister of works and housing, Babatunde Fashola.

Speaking on the initiative, Fashola said that the current programme is a pilot or demonstration scheme expected to push the private sector into participating.

Source: Legit.ng

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