News

There Is No Plan To Increase Company Taxes – FIRS Chair Says

Published

7 months ago

October 19, 2023

Olaitan Rafiu

Corporate organizations were concerned that the Federal Inland Revenue Service’s (FIRS) intention to raise the nation’s tax-to-GDP ratio from 10.86 percent to 18 percent would result in higher levies. However, acting FIRS chairman Zacch Adedeji has allayed those concerns.

According to Adedeji, this determination won’t necessarily result in more taxes or the introduction of new levies because the administration of President Bola Tinubu is committed to fostering an atmosphere that is conducive to corporate success.

The chairman of FIRS had promised that the organization would surpass Africa’s average tax-to-GDP ratio of 16.5% in three years under his direction, all without hindering investment or economic progress.

Corporate entities had suppressed concerns over the proposal, believing that it would result in higher tax rates or the introduction of new ones.

During a gathering on Wednesday at Four Points by Sheraton in Lagos, Adedeji addressed leaders of leading significant tax-paying companies and stated, “Our belief, understanding, and vision as a revenue-generating agency is not to introduce any new tax as we only want to use data to improve compliance.”

The chairman of FIRS stated that the invited companies and those who are prepared to fulfill their tax duties willingly have nothing to be scared of, according to a statement released on Thursday by his Special Adviser on Media and Communication, Dare Adekanmbi.

“We have an easy strategy. We only want to tax wealth, not poverty, in order to increase tax income.

Thus, it is not in our best interests to cut down the fruit-bearing trees. I want to thank you for everything that you have done in this first “love letter.” Thus, you have nothing to be concerned about.

“We won’t pursue collection of unpaid debts. However, we don’t want anyone to avoid paying us what is owed. Our strategy is fair engagement. You may be confident that there won’t be a tax rise in order to meet the 18% tax-to-GDP objective.

“You will have known that part of the committee’s mandate is to reduce the number of taxes if you have been listening to Mr. Taiwo Oyedele, who is the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms,” he stated.

He claims that the goal of the interaction with the businesses is to incorporate their suggestions into the strategic action plan that is being developed to solve issues impeding the collection of tax revenue.

He praised the invited enterprises for their strong sense of accountability and exhorted them to keep up their conscientious tax payment.

As one of Nigeria’s top taxpayers, you stand out for your dedication to maintaining strict tax compliance guidelines and good corporate citizenship.

This is exactly in line with our goal of using voluntary compliance to make taxes the focal point of national development. Your individual industries are essential to the nation’s economic and fiscal stability as well as to the government’s capacity to collect large amounts of tax income.

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“We are cognizant of the difficulties that Nigerian businesses face in light of the ongoing reforms aimed at enhancing economic performance. In order for our country to reach its greatest potential, we must make these difficult but essential decisions, he stated.

The chairman pledged to address the concerns brought up, even as he addressed some of the issues brought up by the company representatives, such as the multiple taxes and redundant tax oversight on corporate entities.

Some of the companies at the event included Nestlé Nigeria Plc, ExxonMobil, Shell, Guinness, Nigerian Breweries Plc, Flour Mills, Dangote Group, MTN, British American Tobacco company, First Bank, Access Bank, Guaranty Trust Bank, Zenith Bank Plc, KC Gaming Limited (Bet9ja), Airtel, Seplat, BUA Cement, Nigeria Liquified Natural Gas, NNPC Limited and others.

News

Shettima Inaugurates New Bauchi Government House

Published

5 hours ago

May 19, 2024

Olaitan Rafiu

Vice President Kashim Shettima yesterday inaugurated the newly constructed multi-billion Naira Bauchi State Government House.

the project which includes the construction of an international conference centre, office complexes, mosque, clinic, parameter fencing, fire station, and banquet halls among others, was awarded at the cost of about N6 billion.

The vice president said, “The commissioning of this edifice in Bauchi symbolises the commitment to enhancing administrative capacity and governance in the state as Nigeria shifts some responsibilities to state governments such as power generation, this project is seen as improving urban renewal and improving governance.

“Indeed, we need government infrastructure to complement the ongoing efforts in giving physical infrastructure.”

He said state governments are better placed to improve social, economic, political and cultural spheres of lives of the people because of their proximity to the local population.

The vice president noted that while the economic indices of most states are below global standards in the face of rising inflation which shoots up prices of food items, efforts must be made across the board to change the narrative to improve the condition of Nigerians.

Shettima commended Governor Bala Mohammed for executing the project which he said “will stand the test of time” for the people of Bauchi.

The vice president also lauded governors of the North East for their dedication and commitment to serving their people in the face of the challenges facing the country.

In his speech, the Bauchi State governor, Bala Mohammed said the need to reconstruct and remodel the dilapidated old Bauchi Government House structure became apparent to him immediately after assuming office in 2019 to create a conducive working environment.

News

UN Pledges Support For North West Development, Lauds Governors

Published

5 hours ago

May 19, 2024

Olaitan Rafiu

Kaduna State governor, Uba Sani, has disclosed that the United Nations (UN) has pledged its support for the development of the North West region of Nigeria.

The commitment was made during a meeting between the UN resident coordinator in Nigeria, Mohammed Fall, and the North West governors, which Governor Sani attended.

Governor Sani disclosed at the weekend that the meeting was convened to discuss security and developmental challenges in the North West with a view to fashioning and implementing collaborative projects and interventions in the zone.

The governor said the UN resident coordinator commended the North West governors for showing leadership and commitment to service in the interest of their people and congratulated them on their first year in office.

He acknowledged the efforts of the UN towards addressing humanitarian concerns in the states, highlighting their interventions in areas such as education, healthcare, agriculture and social development.

Governor Sani expressed the commitment of the governors to working with UN agencies to actualise various developmental initiatives.

News

3,141 Civil Servants Sit For Promotion Exam In Yobe

Published

6 hours ago

May 19, 2024

Olaitan Rafiu

No fewer than 3,141 Yobe State civil servants participated 2024 promotional examination which held in the state.

While addressing journalists shortly after inspecting one of the examination centres in Damaturu, the Head, Civil Service in the State, Alhaji Hamidu Alhaji

expressed satisfaction with the conducts of the 2024 civil service examination in the state.

At the Government Girls Secondary School Damaturu, a total of 1,808 civil servants sat for the examination, while 887 others wrote the examination at the College of Administration Management and Technology, Potiskum.

A total of 446 others also participated in the exercise at the Umar Sulaiman Collage of Education in Gashua.

The Head of Service told the state workers that Governor Mai Mala Buni has taken into consideration, the needs of the civil servants in terms of their welfare assuring that a lot of welfare packages are in the pipeline while a lots have been implemented.

He added that, “We are after a better quality system and this exams would groom our civil servants to be more productive, efficient, in addition to keeping our civil servants abreast with modern innovation in the state civil service.”