2022 Finance Bill: LCCI Rejects FG’s Plan to Increase Tax


Chibuzor Oluchi

The Lagos Chamber of Commerce and Industry (LCCI) has cautioned the federal government on plans to raise some taxes as contained in the 2022 Finance Bill recently passed by the National Assembly, and currently awaiting the president’s assent.

The 2022 Finance Bill is initiated to facilitate the financing of the 2023 national budget.

In a statement at the weekend, the Director-General, LCCI, Dr Chinyere Almona, said the government should explore new ways to rescue tax expenditures to boost government revenue in 2023, rather than adding to the tax burden of businesses.

She stated: “Rising from the interactions with our members and several stakeholders in the broader business community has placed a responsibility on itself to share the concerns about the 2022 Finance Bill as approved by the National Assembly, and as it awaits the assent of the President.

“On the path of caution, we urge the government to thread conservatively in raising tax…

Source: Thisday Newspaper