The Senate has asked agencies of the Federal Government saddled with the responsibility of generating revenues to be more efficient in discharging their duties. Such agencies include the Federal Inland Revenue Service, the Nigerian National Petroleum Corporation (NNPC), and the Nigeria Customs Services among others.
President of the Senate, Ahmed Lawan, stated this during plenary on Thursday shortly after lawmakers in the upper chamber of the National Assembly passed the Finance Bill. “The revenue-generating agencies will have to sit up; the Senate will be mounting a lot of oversight on the revenue agencies,” he said.
The bill seeks to amend six tax provisions and make them more responsive to tax reform policies and the Customs and Excise Tariff Act to encourage local manufacturers.
The legislations under it include Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act.