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Presidency Denies Inclusion of Tax Number as Bank Requirement in its Finance Bill

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The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts.

A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”.

According to the source, there are no provisions in the Finance Bill 2022, now before the National Assembly, forcing Nigerians to have a Tax ID number in order to operate a bank account.

The presidency highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives.

It said, “Capital gains tax at the rate of five per cent to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the like.

“Companies engaged in petroleum operations including midstream and downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old upstream and downstream classification.

“Federal Inland Revenue Service to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.”

According to the presidency, changes proposed include the reduction of minimum tax rate from 0.5 per cent to 0.25 per cent of turnover (less franked investment income) is to be applicable to any two accounting periods between January 1, 2019 and December 31, 2021 as may be chosen by the taxpayer.

It said, “Disputed tax assessment to be in abeyance until determination while undisputed tax assessment is to be paid within 30 days after service of the notice of assessment on the company except otherwise extended by the FIRS. Reference to provisional tax has been deleted in recognition of the well-established self-assessment tax regime.

“Withholding tax on interest earned from a unit trust to be treated as final tax. Only WHT on dividend is currently treated as final tax for local companies.”

“The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology (previously only proprietary technology may be deployed). A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.”

 

 

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Nigerian officials probe plan to marry off scores of female orphans

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Nigeria’s Federal Ministry of Women Affairs says it is investigating a plan by a lawmaker in central Niger state to marry off some 100 female orphans of unknown ages later this month.

Speaker of the Niger State Assembly Abdulmalik Sarkin-Daji announced the mass wedding last week but called off the ceremony following widespread outrage.

Minister of Women Affairs Uju Kennedy-Ohanenye, speaking to journalists in Abuja on Tuesday, condemned the plans.

Kennedy-Ohanenye said she had petitioned the police and filed a lawsuit to stop the marriages pending an investigation to ascertain the age of the orphans and whether they consented to the marriages.

“This is totally unacceptable by the Federal Ministry of Women Affairs and by the government” of Nigeria, she said.

Last week, Sarkin-Daji announced his support for the mass wedding of the orphans, whose relatives were killed during attacks by armed bandits. He said it was part of his support to his constituents following an appeal for wedding funding by local traditional and religious leaders.

The mass wedding had been scheduled for May 24.

“That support I intend to give for the marriage of those orphans, I’m withdrawing it,” he said. “The parents can have the support [money], if they wish, let them go ahead and marry them off. As it is right now, I’m not threatened by the action of the minister.”

Despite national laws prohibiting it, forced or arranged marriage is a common phenomenon in Nigeria, especially among rural communities in the predominantly Muslim north, where religious and cultural norms such as polygamy favor the practice.

Poor families often use forced marriage to ease financial pressure, and the European Union Agency for Asylum says girls who refuse could face repercussions such as neglect, ostracism, physical assault and rape.

Raquel Kasham Daniel escaped being married off as a teenager when her father died and now runs a nonprofit helping children, especially less-privileged girls, get a formal education for free.

She said the ability of women to avoid forced marriage in Nigeria depends on their income and education.

“I was 16 when I lost my dad and I was almost married off, but then I ran away from home. And that gave me the opportunity to complete my education, and now I have a better life,” Daniel said.

“So, the reason why I prioritize education is to make sure that other girls have access to quality schooling so that it will help them make informed decisions about their lives. Education not only increases our awareness as girls about our rights but also enhances our prospects for higher income earning,” she said.

Thirty percent of girls in Nigeria are married before they turn 18, according to Girls Not Brides, a global network of more than 1,400 civil society groups working to end child marriage.

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Shell investigates smoke near Gbaran oil facility in Nigeria

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YENAGOA, Nigeria, May 14 (Reuters) – Oil major Shell is investigating reports of smoke early Tuesday near its Gbaran Ubie oil and gas facility in Nigeria’s coastal Bayelsa state, a spokesperson said after residents reported hearing explosions and seeing smoke near the area.
The incident would not immediately lead to an operational shut-in, the Shell spokesperson said.
A fire was reported around 0600 GMT by residents in the nearby community, who said blasts were heard where pipeline repair works had been ongoing.
The Gbaran facility, which began operations in 2010, is by far the most important Nigeria LNG gas feedstock project, processing almost 2 billion standard cubic feet of gas per day.
“We are actively monitoring reports of smoke detected near our Gbaran Central Processing Facility in Bayelsa State. While the source appears to be external to our facility, we are in close communication with regulatory authorities to look into the incident and ensure the safety of the surrounding communities,” a Shell spokesperson said in an emailed statement.
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Shell did not immediately respond to the accounts of residents in the area.
Resident Ovie Ogbuku told Reuters: “At about 7 a.m. I heard the sound so deafeningly and it shook the foundation of the earth and we ran for our dear lives. The result is the thick smoke you are seeing now.”
Another resident Uche Ede said; “We have no idea of the cause of the explosion but we are grateful no life was lost because it was far away from homes.”
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Land operations in Nigeria’s oil-rich Niger Delta are prone to sabotage, theft, and pipeline vandalism, forcing oil majors to exit such fields to focus on deepwater drilling.

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Lifestyle

The Duke and Duchess of Sussex’s Nigeria tour: A Round Up

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Meghan and Harry spent three days in the African country, Nigeria in celebration of the 10th anniversary of the Invictus Games

The Duke and Duchess of Sussex spent time in Nigeria as part of a three-day tour, in celebration of the 10th anniversary of The Invictus Games.

The couple were personally invited on the trip by Nigeria’s chief of defence staff, General Christopher Musa; they are not there in any official capacity on behalf of the royal family or the UK. The tour schedule, which started in the bustling capital of Abuja, has been jam-packed, including a visit to primary and secondary school Lightway Academy, where they met with students, and experiencing the work of Nigeria Unconquered, a charitable foundation dedicated to aiding wounded, injured, or sick servicemembers.

Naturally, the trip also provided the opportunity for Meghan to showcase a multi-day “tourdrobe”, the likes of which we haven’t seen since the couple stepped down as senior working royals in early 2020 – and she hasn’t disappointed, in a series of summery maxi dresses, elegant tailoring and striking separates.

See highlights from their trip so far, below.

On day three, the couple arrived at Lagos airport, where they were given an official state welcome.

The couple posed for a photo with children and Nigerian dignitaries.

 

The couple were greeted by the Lagos State Governor, Babajide Sanwo-Olu.

 

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They then attended a basketball exhibition training match at Ilupeju Grammar School in Lagos. After the match, they posed for a photo with the Toronto Raptors basketball team president, Masai Ujiri, and the principal of Ilupeju Grammar School, Josephine Egunyomi.

 

The couple attended a reception hosted by the charity organisation Nigeria Unconquered, held at the Officers’ Mess in Abuja.

 

A visit to the Defence Headquarters in Abuja.

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