The proposed sanctions were contained in the new Finance 2021 which was presented by President Muhammadu Buhari for legislative action. “The provision in the draft bill is proposing to amend the Capital Gains Tax Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp Duties Act and Tertiary Education Act, Value Added Tax, Insurance Police Trust Fund and the Fiscal Responsibility Act. “This is to amend the Police Trust Fund Act and the Nigerian Trust Fund Acts, the purpose is to empower the FIRS to collect the Nigerian Trust Fund levies on companies on behalf of the fund itself. James Faleke explained that the proposed finance bill was geared towards supporting the economy and the implementation of the 2022 budget. The content of the article published by these online platforms is not new; it has been recirculated several times and has been debunked.New finance bill: FG proposes five years for non-remittance of tax, other revenuesNew finance bill: FG proposes five years for non-remittance of tax, other revenues

Source: Nigerian Tribune December 14, 2021 21:02 UTC