FG is Considering Taking Rivers, Lagos to Supreme Court Over VAT Collection – Malami

BusinessEconomyTaxationFG is Considering Taking Rivers, Lagos to Supreme Court Over VAT Collection – Malami

Beloved John (Staff Writer)September 24, 2021

ABUJA — The federal government is considering filing a suit at the supreme court to resolve the ongoing dispute about value-added tax (VAT) collection. Abubakar Malami, attorney-general of the federation (AGF), disclosed this to the News Agency of Nigeria on Wednesday in New York. According to the AGF, the federal government would like the matter to be determined once and for all. He maintained that the FIRS would continue to collect VAT following the directive...

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Why VAT Should Be Decentralised – Akwa Ibom Governor

BusinessTaxationWhy VAT Should Be Decentralised – Akwa Ibom Governor

Beloved John (Staff Writer)September 23, 2021

Udom Emmanuel, governor of Akwa Ibom State, has said the decentralisation of value-added tax (VAT) collection will be beneficial to every state in the country. He made his stand public on Thursday when he featured on an Arise TV programme. According to him, those against the decentralisation of VAT collection can’t envision its hidden potential. Udom opined that the decentralisation of VAT collection will favour every single state in the country. “If my brother states...

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TAT Adjourns Ruling as Multichoice Confirms Payment of N8bn Deposit in ‘Tax Envasion’ Dispute

BusinessTaxationTAT Adjourns Ruling as Multichoice Confirms Payment of N8bn Deposit in ‘Tax Envasion’ Dispute

Beloved John (Staff Writer)September 23, 2021

LAGOS — Multichoice Nigeria Limited (MCN) has said the directives of the tax appeal tribunal (TAT) have been executed, noting that it has deposited into the FIRS account, an amount required by the law. The company announced this on Thursday at the resumption of the tribunal hearing over the alleged N1.8 trillion tax evasion dispute. TAT at the last hearing, had endorsed the FIRS submission and instructed Multichoice Nigeria Limited to deposit with the FIRS...

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FG Sets Up Committee to Recover Illegally-Refined Crude Oil

BusinessOil & GasFG Sets Up Committee to Recover Illegally-Refined Crude Oil

Beloved John (Staff Writer)September 23, 2021

ABUJA — To ensure transparency in the production of crude oil, the federal government on Thursday, inaugurated an inter-ministerial committee. The committee is to assess, report and supervise the refining of the crude oil in the Niger Delta while minimizing the environmental hazard the resource poses. The inter-ministerial committee will also tackle the illegal refining of crude oil in the Niger Delta. At the inauguration, Umar Mohammed, the acting solicitor-general of the federation who represented...

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Five Top Banks Paid N1.4bn For Forex Infraction, Other Offences In 2021

BusinessMoneyNewsFive Top Banks Paid N1.4bn For Forex Infraction, Other Offences In 2021

Bada Yusuf Amoo (Correspondent)September 23, 2021

Five top banks in Nigeria paid a total of N1.4bn as penalties to financial regulatory bodies such as the Central Bank of Nigeria, Security Exchange Council and Financial Reporting Council of Nigeria, in the first half of the year. The banks are UBA, Fidelity Bank, Access Bank, GTBank and First City Monument Bank. This figure was arrived at from analysis of the H1 2021 financial statements of the banks obtained from their websites. Findings show...

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All Business Merchants in Nigeria Will Accept eNaira Payments

BusinessNewsTelecommunicationAll Business Merchants in Nigeria Will Accept eNaira Payments

Beloved John (Staff Writer)September 21, 2021

LAGOS — The country’s first digital currency, eNaira, must be accepted as a form of payment by all business merchants according to the CBN director of payment system management, Musa Jimoh. According to him, the digital currency is similar to the fiat currency (naira) and the CBN bears all liabilities for the eNaira. Jimoh said this when he featured on Business Morning, a Channels Television programme, on Monday. He noted that eNaira is a legal...

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Sanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

BusinessLaw & JusticeSanwo-Olu Signs Anti-Open Grazing Bill Into Law, Joins Ogun, Ondo, Akwa Ibom, Rivers

Bada Yusuf Amoo (Correspondent)September 21, 2021

LAGOS — The Governor of Lagos State, Babajide Sanwo-Olu, has signed the bill prohibiting open grazing into law in the state. This comes barely a week after the governor assented to the State Value Added Tax Bill, empowering the state to collect VAT. Governor Sanwo-Olu’s assent to the bill also comes after some governors in the South, including Ogun, Ondo, Akwa Ibom, and Rivers signed the same law prohibiting open grazing. Members of the Lagos...

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VAT Collection: Yahaya Says Governors Must Wake Up to Reality

BusinessTaxationVAT Collection: Yahaya Says Governors Must Wake Up to Reality

Beloved John (Staff Writer)September 21, 2021

GOMBE —The stand of the Lagos and Rivers state government on the collection of value-added tax (VAT) should serve as a wake-up call to other states says Inuwa Yahaya, governor of Gombe state. Yahaya admitted that the Gombe state government would be unable to pay salaries without the income generated from VAT. He said this while speaking to some All Progressives Congress (APC) stakeholders from Gombe south senatorial district on Monday. He noted that 35...

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President Buhari Directs the Incorporation of NNPC

BusinessNewsOil & GasPresident Buhari Directs the Incorporation of NNPC

Hassan Umar Shallpella (Regional Correspondent)September 20, 2021

ABUJA — President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited. A statement issued by Special Adviser to the President (Media and Publicity), Femi Adesina, said the president gave the order in his capacity as Minister of Petroleum. Part of the statement read: “This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the...

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Enugu Govt Captures Additional 251 Hotels Operating in the State

BusinessTourismEnugu Govt Captures Additional 251 Hotels Operating in the State

PilotnewsSeptember 18, 2021

ENUGU —  The Enugu State Government says it has captured an additional 251 functional hotels within its database as part of a drive to improve hospitality and tourism businesses in the state. The General Manager of Enugu State Tourism Board, Chief Steve Odo, told the News Agency of Nigeria in Enugu on Saturday that the number of hotels captured by the government is now 403. Odo spoke on the sidelines of his achievements within one...

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