APA – Lagos (Nigeria)
The report that the Presidential Committee on Fiscal Policy and Tax Reforms has proposed the stoppage of 190 taxes choking businesses in Nigeria is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that in a move to eliminate multiple taxation, the Presidential Committee on Fiscal Policy and Tax Reforms has proposed the stoppage of 190 taxes choking businesses in the country.
The panel presented its ‘Quick Win Report’ to President Bola Tinubu, who endorsed its far-reaching recommendations on tax and fiscal policies during a brief ceremony at the Presidential Villa, Abuja, on Tuesday.
The Organised Private Sector, which backed the proposal of the committees blamed states for multiple taxation in the country.
The OPS lamented that multiple taxes had compounded the rising production costs, leading to reduced profit margins, supply chain disruptions, and a reduction in consumer spending.
Specifically, the telecommunication operators complained that the sector was one of the most taxed in the country with over 40 taxes directed at telecom firms.
A statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed that the President directed his Special Adviser on Policy Coordination, Ms. Hadiza Bala Usman, to coordinate with the relevant government officials for the session.
In his remarks, the acting Chairman of the Federal Inland Revenue Service, Mr Zacch Adedeji, pledged to ensure the implementation of the recommendations of the committee, as they may apply, pending the approval of the President.
The newspaper says that Lagos state division of Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay the sum of $72, 551, 059, in tax default to the Federal Inland Revenue Services.
The fine covers for 2007 to 2017.
However, the Tribunal absolved the telecommunication firm from paying the sum of $21,039,807, as penalties and interest on the principal sum.
A five-man panel led by Professor A. B. Hamed, gave the verdict and order on Friday, while delivering judgment in an appeal numbered TAT/LZ/VAT/075, filed by the telecommunication company against the request by the FIRS to pay the default.
Other members of the panel were P. A. Olayemi, Babatunde Sobamowo, Samuel N. Ohwerhoye and Terzungwe Gbakighir.
The facts of the matter according to the processes filed before the appeal, was that sometime in May 10, 2018, the Office of the Attorney General of the Federation issued a report of its investigation into the MTN’s Forms A and M transactions. The report covered the 2007 to 2017 accounting years.
But, in a revised report dated August 20, 2018, the OAGF adjusted the alleged outstanding in respect of import duty and VAT to the tune of N242.2 bn, (Form M -visible transactions) whilst the section relating to VAT and Withholding tax (WHT) was revised $1.284 bn (Form A invisible transactions).
The processes also stated that sometime in mid-2020, the FIRS informed MTN that it had received a report from the OAGF in respect of its alleged liability to VAT and WHT.
FIRS consequently conducted a review of MTN’s tax and accounting records and upheld the OAGF’s alleged tax liability.
The Guardian reports that the National Assembly has been busy legislating on the delicate subject of insecurity in the last 16 years, but without commensurate return on investment.
For the effort, the National Assembly has succeeded in passing over 261 resolutions, prepared and passed at least 25 legislative bills and appropriated over N12 trillion targeted at halting the spread of insurgency.
But the country has also continued to remain in the throes of insecurity, as kidnapping, armed banditry and other forms of criminality reign supreme. Already, 71,449 lives have been claimed nationwide.
The House of Representatives’ resolution last week that citizens be allowed to bear arms and ammunition in defence against banditry and criminality tells the story of how deep-seated the peoples’ frustration has become in terms of insecurity.
Heightened insecurity in the form of kidnapping and banditry, which has seriously affected the economy of most states, especially in the Northern part of the country, first began to attract concerns in the Niger Delta in 2006, and got worsened in the North from 2009, where it took the form of insurgency, armed banditry and the unknown gunmen syndrome.
With the hope of reversing the tragic situation, the two chambers of the National Assembly deployed several legislative instruments, but little progress has been achieved so far.
Within the period, the National Assembly, which has the constitutional responsibility to make laws for peace, welfare and good governance of the federation, passed no fewer than 260 resolutions. It worked on over 25 security-related bills.
Among the bills passed are some N12 trillion worth of appropriation acts, including supplementary budgets in at least 20 different legislative processes. It was a period of massive work on legislative processes targeted at hastily ending the insecurity saga that claimed 756 lives during Goodluck Jonathan’s administration; 63,111 in Muhammadu Buhari’s regime and 7,582 lives so far in the administration of Bola Ahmed Tinubu.
However, many lawmakers have expressed concerns about the failure of all these legislative interventions in the forms of parliamentary resolutions, amendments of existing Acts and enactment of new ones. One of the latest of such legislative interventions was the motion seeking the empowerment of citizens in Zamfara State to bear arms against banditry.
The newspaper says that BERKSHIRE Finance Company Ltd., has partnered with Reohob Nigeria Limited to finance individuals and small and medium-sized enterprises in the acquisition and installation of renewable energy solar solutions.
The collaboration aims to accelerate and expand financing of sustainable clean energy solutions, while also powering households and commercial activities nationwide.
The firms, in a statement yesterday, said they recognise the need to align with the Sustainable Development Goals (SDGs) and urgency to embrace climate-friendly energy sources.
Chief Executive of Berkshire, Ayokunle Ilesanmi, said: “We are excited to have partnered with Reohob on the delivery and launch of this important scheme.
“Berkshire believes that the solution to the energy challenge is to re-direct capital towards renewable energy sources, and we are very blessed to be executing this critical action in line with our short to mid-term strategy.”
On his part, Chief Executive Officer of Reohob, Rere Obaisi, is certain that so many Nigerians love the idea of uninterrupted power, especially as a safer solution for erratic power and climate change.
“We have collaborated with Berkshire to promote this transition, and make it as convenient as possible, no more one-off payment,” he emphasised.
GIK/APA